October 16, 2008

HPCL to invest USD 2.5 billion for Vizag unit expansion

Mr Dinsha Patel union minister of state for petroleum & natural gas said that Hindustan Petroleum Corporation is planning to invest USD 2.5 billion in expanding its Visakhapatnam refinery capacity to 16 million tonnes by the end of 12th Plan.

Mr Patel said that public sector fuel retailers like Indian Oil, Bharat Petroleum and Hindustan Petroleum lost INR 26,363 crore during April to September 2007 period on sale of petrol, diesel, domestic LPG and public distribution system kerosene at prices below cost

He added that the companies lost INR 2,638 crore on petrol, INR 9,919 crore on diesel, INR 8,206 crore on public distribution system kerosene and INR 5,608 crore on domestic LPG.