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New Delhi, Oct 18 State-owned Hindustan Petroleum Corporation Ltd (HPCL), after forging a successful partnership with steel major L.N. Mittal Group for its Bhatinda refinery project, has once gain teamed up with the Mittals to explore the prospects of setting up a refinery-cum-petrochemicals projects in Visakhapatnam, Andhra Pradesh. This time around, besides the Mittals, three other companies - Total of France, Oil India Ltd, and GAIL (India) Ltd – have joined HPCL for the project.

The HPCL Chairman and Managing Director, Mr Arun Balakrishnan, said that a memorandum of understanding to take up a feasibility study for the complex has been inked today between the five entities. “We expect the study to be ready in the next six months, based on which a decision would be taken on the project,” he told Business Line.

While the French company Total will take a lead role in undertaking the feasibility study for the refinery project, state-owned gas transmission and marketing major GAIL would lead the study for the petrochemical unit with HPCL.

The equity structure and finance would be decided only after the reports are available, he said. GAIL would be appointing a consultant to undertake the feasibility study, the process of which would be initiated shortly. “Once the reports on the project are available the consortium will decide on the structure and a joint venture company will be formed,” sources said.

Sources, however, declined to give cost investments for the project, stating that it was too early to predict and that it would largely depend on the feasibility study. While the refinery capacity is estimated to be 15 million tonne per annum, the complex is also going to have a one-million tonne olefins and aromatics complex. Indications are that it would be a naphtha-based gas cracker plant.

More Stories on : Petroleum | Alliances & Joint Ventures | Hindustan Petroleum Corporation Ltd

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