Indian state-owned oil company Hindustan Petroleum Corporation Ltd (HPCL) plans to invest aroud Rs 45,000 crore (U$6.7bn) in the expansion of its Mumbai and Visakhapatnam refineries and in the development of its marketing infrastructure in India by 2020.
The company will invest Rs 21,000 crore (US$3.1bn) in the expansion of its refineries, including Rs 17,000 crore (US$2.5bn) to expand the 8.3 Mt/year Visakhaptnam refinery to 15 Mt/year and Rs 4,200 crore (US$625m) to expand its 6.5 Mt/year Mumbai refinery to 9.5 Mt/year. HPCL will also invest Rs 14,000 crore (US$2.1bn) in joint venture refinery projects such as the Bhatinda refinery (expansion from 9 Mt/year to 11.25 Mt/year for US$350m), gas activities (5 Mt/year LNG import terminal in Chhara in Gujarat in partnership with Shapoorji Pallonji) and upstream oil exploration and Rs 9,000 crore (US$1.3bn) in its marketing infrastructures by 2020.