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HPCL revives $4 bn refinery, chemical plan

HPCL revives $4 bn refinery, chemical plan
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First Published: Thu, Feb 25 2010. 11 57 PM IST
Updated: Thu, Feb 25 2010. 11 57 PM IST
New Delhi: Hindustan Petroleum Corp. Ltd (HPCL), India’s third biggest state-run refiner, has revived plans to build a Rs20,000 crore in Andhra Pradesh. This project is for meeting demand in the country as well as for exports to other Asian nations, K. Murali, director of refineries, said.
HPCL had last year postponed the plan to build a 15 million tonne (mt) refinery and a 2.5 mt petrochemicals plant near its existing 7.5 mt facility at Visakhapatnam.
HPCL may borrow as much as 70% of the funds needed to build the Visakhapatnam project, Murali said.
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First Published: Thu, Feb 25 2010. 11 57 PM IST