The Hindustan Petroleum Corporation Limited (HPCL) is in the process of finalising partners, both domestic and multinational, for setting up a world-class integrated petroleum complex with an estimated Rs.45,000-crore in the Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) in Andhra Pradesh.
Director (PCPIR) of HPCL O.P. Pradhan told reporters here on Friday that they would work on financial closure once the dialogue process and MoUs with domestic companies and MNCs were over. The project would comprise a world-class refinery, petrochemicals unit, naphtha cracker and aromatics unit.
The construction of the mega project would take six to seven years to complete and would have a capacity of 15 MMTPA (million metric tonnes per annum). On crude supplies, the HPCL official said they were planning to have both — term and spot contracts — with crude suppliers.
APIIC had allotted 1,500 acres of land to the integrated complex, but HPCL was seeking another 1,000 acres as such a mega project would require land for expansion. They were keen on a joint venture (JV) with a consortium of partners and a detailed feasibility study was about to be taken up along with engaging consultants to find feedstock for the project.
Mr. Pradhan said their present installed capacity was 16 MMTPA with Visakhapatnam refinery contributing 8.5 MMTPA and Mumbai r 6.8 MMTPA. When the Bhatinda plant (9 MMTPA) would get functional the capacity would go up to 23.5 MMTPA, he explained. They were also planning to increase the Visakhapatnam refinery capacity to 15 MMTPA by 2014 as per the agreement with Visakhapatnam Port.