HPCL announces expansion project

Visakhapatnam, Apr 27 (UNI) The Hindustan Petroleum Corporation Limited (HPCL) of Visakha Refinery today announced an exapansion project worth Rs 8,300 crore, which would double its capacity from existing 7.5 million tonnes per annum.

HPCL official sources said here that it would be completed by 2010. Out of the total amount, Rs 6,000 crore would be spent on upgradation and offsite facilities.

The Visakha Refinery commissioned in 1957 by Caltex Refining India Limited, was later nationalised and modernised. The management would be investing Rs 700 crore on setting up a single Buoy mooring to enable reception of very large crude carriers. The refinery achieved an excellent rating in all the parameters specified in the Memorandum of Understanding signed between the HPCL and the Centre.

The foreign investors are also being solicited for entering into a joint venture for the proposed petro-chemical complex as well as the expansion project. The negotiations were being held for land allotment near the Atchutapuram mandal in the district.

The Ministry of Petroleum and Natural Gas has decided to develop a petro-chemical and investment region in the city by 2012 which would facilitate massive investment.

The top brass of HPCL is holding talks with multi-nationals for possible tie-up, the sources added.

UNI