By MUKESH JAGOTA
NEW DELHI -- India's cabinet on Friday approved state-run Hindustan Petroleum Corp.'s (HPCL) 372 billion rupee ($6 billion) refinery and petrochemicals complex in the northwestern state of Rajasthan, Information and Broadcasting Minister Manish Tewari said.
The 9 million tpy refinery will mostly draw upon crude supplies from Cairn India Ltd.'s oilfields in the state.
Hindustan Petroleum will own 74% of the project, while the Rajasthan state government will own the rest. The refinery, located in Rajasthan's Bamer town, is expected to go on stream in four years.
The project's clearance comes ahead of state elections in Rajasthan, due to take place toward the end of this year.
India imports three-fourths of its energy requirement but has one of the world's largest refining capacities. The country has also emerged as one the largest exporters of refined products in the world.
Dow Jones Newswires