India raises HPCL Rajasthan Refinery project cost to $8.6 billion
- HPCL Rajasthan Refinery Ltd is a joint venture with HPCL owning a 74% stake
NEW DELHI: India’s cabinet approved an 84% increase in the project costs of HPCL Rajasthan Refinery Ltd (HRRL) to 794.59 billion rupees ($8.60 billion), Information Minister Ashwini Vaishnaw said on Wednesday.
Here are some more details:
HPCL Rajasthan Refinery Ltd is a joint venture with HPCL owning a 74% stake and the rest owned by the state government of Rajasthan.
New Delhi also approved an additional equity investment of 89.62 billion rupees by HPCL. The state-run refiner’s total equity investment after the increase will be 196 billion rupees, the government said in a statement.
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The refinery will start commercial operations in July this year and during operations, will have 10,000 direct jobs, Vaishnaw said. It will use both local crude available in Rajasthan and imported crude, he added.
HRRL will produce petrol, diesel and other chemicals such as polypropylene, high and linear low-density polyethylene, benzene, toluene and butadiene.
These products are critical in sectors such as transportation, pharma and paints; the production from the project will reduce India’s reliance on imports and help save foreign exchange, the statement said.
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