India cabinet approves HPCL's Rajashtan petchem project: reports

20 September 2013 10:28  [Source: ICIS news]

SINGAPORE (ICIS)--India’s Union Cabinet approved the proposed refinery-cum-petrochemical project of Hindustan Petroleum Corp Ltd (HPCL) in Rajashtan on Friday, according to local media reports.

The proposed refinery will have a capacity of 9m tonnes/year.

The Cabinet approval came days ahead of the ceremonial laying of foundation stone by Sonia Gandhi, the chairperson of United Progressive Alliance, on 22 September, based on media reports.

HPCL will have a 76% stake in the greenfield refinery-cum-petrochemical project, while the remaining 24% would be held by the provincial government of Rajashtan.

The Indian firm, however, is also keen on having a foreign partner and is exploring the possibility of roping in France’s Total, and British Petroleum (BP) as strategic investors.

By: Pearl Bantillo
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