(MC)
State-owned Hindustan Petroleum Corporation Ltd (HPCL) and its partner Lakshmi N Mittal will invest about USD 3 billion in setting up a petrochemical complex at their Bhatinda refinery in Punjab.
HPCL-Mittal Energy Ltd (HMEL), a joint venture between HPCL and Mittal Energy Investments Pvt Ltd, Singapore, plans to set up an up to 1.7-million tonne naphtha cracker unit to produce basic raw material that goes into making of plastics.
“It will be a 1.2-million tonne plant, expandable to 1.7 mt,” HPCL Chairman and Managing Director M K Surana said here. Though setting up a petrochemical plant takes up to four years, HMEL plans to fast-track the process to build it in lesser time.”We have land and other infrastructure at the Bhatinda refinery,” he said, adding that the project will be formally announced shortly after investment approvals.
