Mumbai, Sep, 24 (EPC News): Hindustan Petroleum Corporation has set aside capital expenditure of Rs45,000 crore over the next six years.
The company will spend Rs32,000 crore for setting up new refineries and expanding existing ones. The balance will be spent on exploration & production, gas distribution, tankages, pipelines and retail infrastructure.
S. Roy Choudhury, Chairman and Managing Director, said that HPCL was targeting refining capacity of 42 million tonnes by 2016-17. “This will mark a near three-fold jump from the present level of 14.8 mt from the Mumbai and Vizag refineries and ensure that supply is perfectly in sync with demand.” he further added.
HPCL also has a 17 % stake in Mangalore Refinery and Petrochemicals. Being the original promoter of MRPL, HPCL gifted it away to ONGC to acquire 71% of its stake.
HPCL’s losses on diesel, cooking gas and kerosene which are projected at Rs21,000 crore for the July-September quarter, a steep fall from over Rs43,000 crore in Q1.
EPC News Bureau
Posted by:
epcworld
| Posted on:9/24/2011 at 9:06 AM