HPCL to take 25 per cent stake in proposed 60 million tonnes refinery

NEW DELHI: Hindustan Petroleum Corp (HPCL) will take 25% equity stake in the proposed 60 million tonnes refinery on the west coast that the state oil companies plan to build, its chairman has said.

The proposed refinery–cum-petrochemicals complex will cost about Rs 150,000 crore, M K Surana, chairman and managing director of HPCL, said.
Indian Oil Corp, the largest of the three oil companies partnering for the project, will take 50% stake in the proposed refinery, Surana said. Bharat Petroleum will take another 25%.

The companies will look at inducting a strategic investor in the project at a later stage, Surana said. The companies are still scouting for a suitable piece of land for the project in Maharashtra.