By SAURABH CHATURVEDI
NEW DELHI -- India's Hindustan Petroleum has
revived a plan to build an estimated 500 billion rupees ($8.98
billion) refinery and petrochemical complex at
Visakhapattanam in the southern state of Andhra Pradesh.
The move is part of the state-run company's plan to ramp
up its business to meet rising demand from the energy
Hindustan is in talks with GAIL (India) Ltd. and plans
to tie up with foreign companies as well as local ones, Subir
Roy Choudhury, its chairman told reporters. The proposed project has a capacity of around 15
million tpy, or about 300,000 bpd.
The project was earlier planned by a
five-way alliance of HPCL, Mittal Energy Investments, Total
S.A., gas utility GAIL (India) Ltd. and Oil India Ltd., for an export-oriented
refinery. It was later put on
hold in 2010 as the economy slowed.
Mr. Roy Choudhury said the company anticipates rising demand
for fuel products in India and has planned to raise
overall refining capacity to 42 million
tons, or 843,450 bpd, by 2020.
Hindustan Petroleum currently has two refineries -- an 8.3
million tpy or about 166,000 bpd refinery in Visakhapatnam and
a 6.5 million tpy or 130,000 bpd refinery in Mumbai.
It also runs a 9 million tons or about 180,700 bpd refinery at Bhatinda in northern
Punjab state in a joint venture with
Singapore-based Mittal Energy, led-by steel tycoon Lakshmi
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