The Hindu Business Line : HPCL to finalise partner for Vizag refinery expansion soon

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Hyderabad Feb. 24 Oil major HPCL is set to shortly finalise strategic partner for its 7.5 million tonnes per annum phase II expansion at Visakhapatnam and is seeking to expedite investment for aromatic and naphtha gas cracker plants. The General Manager of HPCL, Mr O.P. Pradhan, said the company was looking at an investment of about $6 billion in phase II expansion covering refinery, aromatic complex and naphtha and gas cracker projects.

It is proposed to take this up through a joint venture with a 1.5:1 debt and equity route.

Speaking at a meeting on oil and gas sector in the State, Mr Pradhan said the company was in parleys with Total of France and some other oil major and would shortly be able to finalise the venture partner.

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