• search

BP pulls out of Bathinda refinery but HPCL says project is on

Written by: Staff

Mumbai, Mar 24 (UNI) The State-owned Hindustan Petroleum Corporation (HPCL) today informed the Bombay Stock Exchange that British oil giant BP had pulled out of the Bhatinda refinery, but said its subsidiary company is in the process of raising private equity for funding the ongoing exploration and production initiatives, indicating it would not abandon the refinery project in Punjab.

'' British Petroleum has conveyed that they are not investing in the joint venture project in Bhatinda refinery project being implemented by a 100 per cent subsidiary of the HPCL,'' the company said but added '' Prize Petroleum, its joint venture company, is in the process of raising private equity for funding the ongoing E&P initiatives''. The discussions with prospective investors are in progress and the response is encouraging, HPCL said in a release.

British Petroleum had signed the letter of intent on October 13, 2005 with the Indian PSU to form the JV to set up the USD 3 billion project.


For Daily Alerts

For Breaking News from Oneindia
Get instant news updates throughout the day.

Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more