Rajasthan government is all set to sign a new Memorandum of Understanding (MoU) with Hindustan Petroleum Corporation (HPCL) by next month for the much awaited oil refinery in Barmer. As per the previous MoU, the state had to pay an interest-free loan of Rs 3,736 crore every year for 15 years, which would have added a financial burden of Rs 56,000 crore on the state government.
HPCL is an Indian state-owned oil and natural gas company with its headquarters at Mumbai, Maharashtra. It has about 25% marketing share in India among PSUs and a strong marketing infrastructure.
