Hindustan Petroleum Corp Ltd (HPCL) says it is teaming up with Total and Kuwait Petroleum for a $3bn refinery at Vishakhapatnam which will also be linked to a petrochemicals complex. An aromatics unit may be built ahead of the refinery.
The three companies have been discussing the venture for over six months and a deal was due to be finalised in April.
It appears that the project is finally moving ahead with HPCL's chairman stating that the refinery will be completed in 2011. But is he being to ambitious?