Financial Daily from THE HINDU group of publications
Sunday, Apr 10, 2005
Financial Daily from THE HINDU group of publications Sunday, Apr 10, 2005 |
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Industry & Economy
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Petroleum Report on HPCL Vizag refinery expansion to be ready soon Our Bureau
Kolkata , April 9 THE detailed feasibility report for the expansion of Hindustan Petroleum Corporation Ltd's (HPCL) Vizag refinery to 15 million tonnes will be ready by the end of the first quarter of the current fiscal. The report is being prepared by Engineers India Ltd. The project implementation is expected to begin by the end of this fiscal. The company has commissioned a Rs 1,650-crore de-bottlenecking project at Vizag refinery to step up capacity from 7.5 million tonnes to 8.9 million tonnes. This is scheduled for completion in August 2006. Sources in HPCL told Business Line that the proposed expansion would not be interlinked with the recent offer to Saudi Aramco for picking up stake in Vizag Refinery. "So far, we only have an in-principle agreement with Aramco and quite far away from finalising the deal which would take no less than six months," sources said, adding that the company is going the whole hog for the proposed expansion. "Once the report is ready, it would take another two to three months to receive the approvals." Meanwhile, the stalemate on the proposed Greenfield venture at Bhatinda in Punjab continues, as the State Government is yet to offer tax concessions. A breakthrough is expected shortly. The proposed 9-million tonne refinery would cost close to Rs 9,000 crore. HPCL has so far invested close to Rs 300 crore on the project. A similar project is also on in the Bombay refinery, undergoing a capacity expansion from 5.5 million tonnes to 6 million tonnes.
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