Hindustan Petroleum Corporation Limited (HPCL) is selling 50% stake in its Vizag refinery to French oil major Total SA. Total may pick up the stake in collaboration with Kuwait Petroleum for a consideration of Rs. 6000 crores.
HPCL is setting up a 9 mn tonne export-oriented refinery adjacent to the existing refinery at Vizag at an estimated investment of Rs. 12,000 crores. The refinery would be completed in 2011. HPCL is also planning a 1 mmtpa petrochemical chemicals plant at the refinery site.
The company may also look to raise funds through an initial public offering of the Vizag refinery. In a related development, the Lakshmi Mittal Group has reportedly shown interest for a 49% stake in HPCL’s 9 mmtpa Bhatinda refinery in Punjab.
Read the article in Business Standard.
Showing posts with label Total. Show all posts
Showing posts with label Total. Show all posts
Friday, January 19, 2007
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