Hindustan Petroleum Corporation has
initiated talks with Total of France and Kuwait Petroleum to subscribe to 50 per
cent stake in HPCL's Vizag petroleum refinery project.
HPCL is spending Rs.15,000 crore in
doubling capacity its existing 7.5 million tpa
Vizag refinery in Andhra Pradesh to 15 million tpa. The expansion will cost
Rs.8,300 crore. A single buoy mooring facility costing Rs.700 crore is also part
of the project. The refinery will be supported by a Rs.6,000 crore petrochemical
complex within the refinery complex.
In another development, HPCL has also
proposed to offload 50 per cent equity stake in the upcoming 9 million tpa
greenfield Bhatinda
refinery in Punjab after British Petroleum backed out. The Bhatinda refinery
project is likely to achieve financial closure by March 2007.
Also See:
HPCL
to pursue Vizag refinery expansion (12-Aug-06)
For more stories on the Bhatinda
refinery project, click here.