State-owned Hindustan Petroleum Corporation (HPCL) is planning to invest Rs 37,000 crore in setting up a nine million tonne oil refinery and a petrochemical complex at Barmer in Rajasthan. In this regard, the company is likely to sign Memorandum of Understanding (MoU) with the Rajasthan government March 13.
The company’s board earlier this week approved setting up of the complex costing Rs 37,000 crore. Also, it approved expansion of the Bhatinda refinery in Punjab from 9 million tonne to 11.2 million tonnes.
HPCL operates two major refineries producing a wide variety of petroleum fuels and specialties, one in Mumbai (west coast) of 6.5 million metric tonnes per annum (MMTPA) capacity and the other in Vishakapatnam, (east coast) with a capacity of 7.5 MMTPA.
