Indian oil company Hindustan Petroleum Corporation (HPCL, part of the ONGC group) plans to invest around INR740bn (US$10.3bn) in the expansion of its refining capacity in India over the next five years. The company plans to invest INR149bn (US$2bn) this fiscal year (ending in March 2020) to strengthen its refining capacity, supply chain capabilities and customer reach.
HPCL owns and operates three refineries and plans to increase the capacity of two of them: the capacity of the Visakhapatnam refinery will be raised from 8.3 Mt/year to 15 Mt/year in 2020, while that of the Mumbai refinery will be raised from 7.5 Mt/year to 9.5 Mt/year. Moreover, HPCL is building a 9 Mt/year refinery in Barmer (Rajasthan); construction works are progressing well and the project should be commissioned in 2022-2023.
HPCL will also invest INR55bn (over US$770m) in expanding its oil pipeline network and build second-generation ethanol production plants in India.
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