HPCL to go solo at Bhathinda
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[March 28, 2006]

HPCL to go solo at Bhathinda

(Ecomonic Times, The (India) (KRT) Via Thomson Dialog NewsEdge) Mar. 26--NEW DELHI -- Oil major British Petroleum's (BP) decision to call off the joint venture with HPCL does not appear to have dented the domestic oil company's spirits. The company has drawn up a plan to expand its operations even as it prepares to go ahead with the Bathinda refinery project on its own.



The plans drawn up by HPCL include increasing the capacity of the Vizag refinery to 15m tonne, in addition to setting up an aromatics plant, with an investment of Rs 6,000, crore. The company also plans to invest Rs 4,500 crore in the upstream sector overseas through its subsidiary company Prize Petroleum.

Confirming BP's pull out from the venture, HPCL chairman MB Lal said: "Their (BP's) board of directors has not found favour with this project. BP was looking at a number of opportunities globally, the Bathinda refinery in India being one of them. However, they have found other opportunities more attractive. "We are going ahead with the project and though we are not averse to a JV partner, if required we'll take up the project alone," he added. Guru Gobind Singh Refineries, the company implementing the project may go in for an IPO towards the completion of the project in '10.



The oil retail company is in the process of firming up plans to raise the resources necessary for the proposed refinery. After finalising the exact project cost, HPCL will hire a merchant banker who will advise it on the financing pattern of the project. "Normally, projects of such magnitude are financed through a debt-equity ratio of 1.5:1. A decision will soon be taken in this regard," an HPCL official said.

Elaborating on the company's expansion plans, Mr Lal said the capacity of the Vishakapatnam refinery was going to be increased from 8.3m tonnes to 15m tonnes in three years. The estimated cost for the expansion stands at Rs 8,000 crore. Moreover, the capacity at the Mumbai refinery will be raised to 7.9m tonne from 5.5m tonne. MN Prasad, CEO of Prize Petroleum, said that the company was scouting with a $1bn corpus for discovered fields overseas.

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