The Hindu Business Line : HPCL scouting for jt venture partners in gas business

The company is looking for opportunities for new tie-ups for a share in the LNG business including import terminals, tankers, liquefaction and re-gassification, Mr M.B. Lal, Chairman and Managing Director, told shareholders at the company's annual general meeting on Thursday.

"Not withstanding the fact that there are already significant investments and players in the market, we see a great opportunity for us in this — and are endeavouring to increase our presence in this line of business," Mr Lal said.

The company plans to invest Rs 11,000 crore during the Tenth Five-Year Plan. Of this, Rs 2,800 crore has been earmarked for joint venture projects.

The company will be investing an additional Rs 3,500 crore on capital projects.

HPCL will invest Rs 1,960 crore on laying its Mundhra-Delhi pipeline, which is scheduled for completion by October 2006, and on extending its Mumbai-Pune pipeline up to Solapur by June 2006.

It will spend Rs 2,800 crore on green and clean fuel technology at its Trombay and Visakhapatnam refineries and half that amount on building and modernising depots and product storage terminals.

The company has set aside Rs 150 crore for exploration and production initiatives.

The company is partnering with GAIL (India) Ltd for setting up of auto LPG (liquefied petroleum gas) and CNG (compressed natural gas) stations in Andhra Pradesh and other places in South India.

It has signed a memorandum of understanding with Gujarat State Petroleum Corporation for marketing of CNG at select outlets in Gujarat by sourcing gas from the Dolka gas find.

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