Hindustan Petroleum Corporation has planned to
develop a greenfield 15 million tpa petroleum refinery at Visakhapatnam. The
project, costing around Rs.16,000 crore, is scheduled to come up by March 2012.
According to reports, HPCL has plans to set up an
export-oriented refinery. The company cannot expand capacity at its existing 7.5
million tpa Vizag refinery owing to space constraints. The new refinery is
likely to be located 30-35 km from the existing refinery site. HPCL has
approached the Andhra Pradesh state government for sourcing land of 2,500 acres
in the proposed Vizag special economic zone.
HPCL will have a 26 per cent equity stake in the
refinery project, with an identical stake to be held by a prospective foreign
partner. Other shareholders, including the public, will hold the remaining 52
per cent.
Also See:
HPCL
seeks foreign partners for Bhatinda refinery project (13-Aug-05)