Hindustan Petroleum Corp Ltd will be setting up an integrated petrochemical plant alongside its proposed refinery at Barmer in Rajasthan. According to Company, Investment in the refinery will be around 20,000 crore rupees and the petrochemicals unit will cost another 8,000 crore rupees.
Hindustan Petroleum will be the lead partner for the Barmer refinery project with 51% stake. Along with HPCL Indian Oil Corp Ltd and Bharat Petroleum Corp Ltd, may join as partner in the proposed venture.
Besides Indian partner international players such as UK based Vedanta Resources which now controls Cairn India and Lakshmi Mittal, a billionaire who heads Arcelor Mittal are keen to participate in project.
A detailed feasibility report for the Barmer project, being prepared by Engineers India Ltd, is in final stages and is likely to be submitted to the government in next 2 months.
The Rajasthan government is very keen on setting up a refinery in the state and has been pushing for the projects. It has already acquired nearly 1,500 acres for the project and is in the process of acquiring the remaining 500 acres required for the refinery.