Sonia Gandhi Laid Foundation Stone for HPCL Refinery-Petro Chemical Complex in Rajasthan

Sep 22, 2013 15:11 IST

The UPA Chairperson Sonia Gandhi laid the foundation stone for HPCL Rajasthan Refinery and Petrochemical Complex at Pachpadra in Barmer district on 22 September 2013.

The refinery-cum-petrochemical complex to be set up with an estimated cost of 37230 crore rupees, the refinery is likely to start production by 2017-18.

The total capacity of refinery is 90 lakh matric tonnes per year. After completion, this refinery will generate an income of 8 lakh 78 thousand crore rupees and provide employment to one lakh forty thousand people.

Setting up of the refinery facilitates direct and indirect economic benefit to the economy of Rajasthan, which shall, besides industrialization, result in substantial increase in income, output, employment and tax earnings of the State.

The refinery which is considered to change the entire scenario of Rajasthan will also prove instrumental in development of drastic, automotive, pipe, tyre and other industries in the State.

About HPCL Refinary

Hindustan Petroleum Corporation Limited (HPCL) would setup the refinary as a Joint Venture (JV) with Government of Rajasthan under the name HPCL-Rajasthan Refinery Limited (HRRL).

The proposed refinery will be a subsidiary of HPCL with its equity of 74 percent to be held by HPCL and 26 percent to be held by the Government of Rajasthan. The cost of the project is estimated at 37230 crore Rupees. The project cost is proposed to be sourced with a debt or equity ratio of 1.5:1.

In this regard HPCL has signed a Memorandum of Understanding on 14 May, 2013 with Government of Rajasthan. HPCL has subsequently also signed a Joint Venture agreement with Government of Rajasthan on 11 July, 2013 on these terms for setting up the refinery as a joint venture. The proposed refinery will process 4.5 MMT of Mangala Crude and 4.5 MMT of Arab or other crude oil.

The Union Cabinet on 20 September 2013 approved setting up of  refinery-cum-petrochemical complex by Hindustan Petroleum Corporation Limited in Barmer, Rajasthan.

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