The Hindu Business Line : HPCL hopes to finalise pact with BP by March

HINDUSTAN Petroleum Corporation Ltd hopes to finalise the agreement with BP for refining and marketing tie-up by the end of this financial year, Mr M.B. Lal , CMD, said on Saturday.

"There are lots of issues which have delayed the process. They need to be sorted out," he said.

He said the talks with French company Total are also still on as another partner in its expansion as well as in new projects.

Talking to reporters here, Mr Lal said HPCL has bid for two oil blocks in Northwest Australia in partnership with GAIL, GSPC and an Australian company Oilex and was looking for retail marketing in Malaysia, Vietnam and Senegal.

Mr Lal welcomed the oil bonds issue by the Government to liquidate the balance payments to the oil companies from the pool account.

He said that the prices of petroleum had come down but volatility was still in the market.

Mr Lal was speaking on the sidelines of corporate social responsibility (CSR) initiatives launched by the company.

The company has entered into partnerships with CII and NGOs to implement various programmes for the benefit of society at large. This includes programmes aimed at spreading awareness against HIV and AIDS, spreading environmental consciousness, and encouraging gender education and equality. HPCL has earmarked Rs 15 crore for CSR this year

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