Mr NM Borah chairman of Oil India said that Oil India is likely to invest in Hindustan Petroleum's refinery expansion project. He said that "Our core competence lies in the upstream sector, but we would also like to have some presence in the exploration and production value chain as well. We think HPCL will be a good partner.”

On August 12, both OIL and HPCL had inked a MoU to explore possibilities in E&P activities for hydrocarbons, city gas distribution, pipeline projects, Greenfield refineries, R&D and any other area of common interest.

HPCL operates two refineries a 6.5 million tonne in Mumbai and a 7.5 million tonne in Visakhapatnam.

(Sourced from PTI)