(LiveMint)
State-run Hindustan Petroleum Corporation Ltd (HPCL) plans to invest about Rs.74,000 crore over the next five years for various projects, chairman and managing director Mukesh Kumar Surana told shareholders at the company’s annual general meeting.
“HPCL is focused on strengthening the core business of refining and marketing through the expansion of refining capacities, supply chain capabilities, and customer reach. In addition, thrust is on creating new levers of growth by establishing a strong presence in petrochemicals, scaling up footprints in natural gas business and expanding marketing presence in overseas geographies,” Surana added.
HPCL, which owns and operates three refineries in the country, has undertaken modernisation project for its Visakhapatnam refinery in Andhra Pradesh at Rs.20,928 crore. This project will enhance the refinery capacity from the present 8.33 million metric tonnes per annum (MMTPA) to 15 MMTPA. The capacity of its Mumbai refinery is also being enhanced from 7.5 MMTPA to 9.5 MMTPA at a cost of Rs.5,060 crore. The refinery will have the capability to produce fuel for BS-VI compliant vehicles. The completion of these projects will enhance the profitability of the refineries, Surana added.
