(LiveMint)
State-run Hindustan Petroleum Corp. Ltd (HPCL) will invest ₹75,000 crore over five years across its business segments to grow, M.K. Surana, chairman, and managing director said. “HPCL is focused on enhancing the refinery footprint to increase self-sufficiency, diversify into the profitable segment of petrochemicals, expand the refining and marketing business in new geographies and create presence in the future business line of natural gas for achieving growth and superior financial performance,” Surana told shareholders at the company’s 66th annual general meeting in Mumbai.
HPCL is expanding its Visakhapatnam refinery in Andhra Pradesh under the Visakh Refinery Modernization Project for enhancing the refinery capacity from the present 8.33 million metric tonnes per annum (mmtpa) to 15 mmtpa at a cost of ₹20,928 crore. The project includes bottom upgradation facilities and will make the refinery capable of producing Bharat Stage VI (BSVI) compliant motor fuels and enhance its complexity and profitability. The company’s Mumbai refinery is being expanded from 7.5 mmtpa to 9.5 mmtpa at a cost of ₹5,060 crore. HPCL is also setting up a 9 mmtpa greenfield refinery in Barmer, Rajasthan and is a partner in the 60 mmtpa Ratnagiri Refinery and Petrochemicals Ltd in Maharashtra.
