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HPCL plans Rs.61,000 crore capex over 5-years

Hindustan Petroleum Corporation Ltd (HPLC) is planning a capex of Rs.61,000 crore over the next five years for future growth, Mukesh Kumar Surana, Chairman and Managing Director of HPCL, said at the company’s Annual general meeting.

To increase competitiveness, HPCL has undertaken investments for enhancing refining capacity. Vizag refinery modernization project (VRMP) has received environmental clearance for increasing the refining capacity from 8.33 MMTPA to 15 MMTPA at cost of Rs.20,928 crore. It includes bottom upgradation facilities and will make refinery capable of producing BS VI compliant motor fuels. It will improve the complexity of the refinery and add to the overall GRM, he said.

Under Mumbai Refinery expansion project (MREP) refinery capacity is being enhanced from 7.5 MMTPA to 9.5 MMTPA with capabilities to produce BS VI fuels at the cost of Rs.4199 crore. Project activities for both the projects are on track.

HPCL has recently signed a revised memorandum of understanding and joint venture agreement with Government of Rajasthan for setting up of a 9 MMTPA refinery-cum petrochemical complex at Barmer at a cost of Rs.43,129 crore. 

In this Joint venture, HPCL will hold 74 per cent stake while Government of Rajasthan will have a 26 per cent stake. 

“This will be the first integrated grass root refinery-cum-petrochemical complex being set up in the country  catering to BS VI fuel specifications right from inception,” said Surana. 

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