Hindustan Petroleum Corp Ltd (HPCL) is planning to pick a 25% stake in a US$30 billion mega refinery and petrochemical complex being set up in Maharashtra, India. Indian Oil Corporation (IOC) will hold 50% stake and Bharat Petroleum Corp Ltd (BPCL) will hold the balance 25%, in the 60 million tpa refinery and petrochemical facility- India’s biggest refinery.
The refinery and petrochemical complex will be set up in two phases, of which the first phase will have a capacity of 40 million tpa and will have a naphtha cracker; and an aromatics and polymers production facility. While the first phase will cost between Rs 1.2 and 1500 billion and will be started in 5-6 years from the date, land is acquired, the second phase will have a 20 million tons refinery costing between Rs 500 and 600 billion