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State-run REC on Tuesday said that HPCL Rajasthan Refinery (HRRL) has executed a loan agreement under consortium arrangement for ₹48,625 crore wherein the share of the power sector financing agency is ₹4,785 crore.
HRRL is setting up a green field refinery-cum-petrochemical complex, with a capacity of 9 million tonnes per annum (MTPA) in Barmer district of Rajasthan at a project cost of ₹72,937 crore.
HRRL, a joint venture (JV) of Hindustan Petroleum Corporation (HPCL) and Rajasthan government, was incorporated on September 18, 2013. HPCL holds 74 per cent stake, while the balance of 26 per cent is held by Rajasthan.
The project includes setting up an energy-efficient and environment-friendly refinery cum petrochemical complex with a capacity of 9 MTPA, setting up pipeline for transportation of both Rajasthan crude and imported crude, pipeline for transportation of water to the refinery site, captive power plant for meeting refinery power and steam requirement, crude and product storage facilities, township and allied facilities and utilities, REC said.
The project will produce clean fuels such as BS-VI grade Motor Spirit (MS or Petrol) & BS-VI grade High-Speed Diesel (HSD or Diesel) and petrochemical products such as Polypropylene, Butadiene, LLDPE, HDPE, Benzene and Toluene, it added.
The project will cater to the increased demand of petroleum and petrochemical products in the country and the Western, Northern and Central parts of India in particular.
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