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Wednesday , 12 December 2018
Breaking News

USD 3 Billion to be invested in Bhatinda petchem plant

HPCL-Mittal Energy Limited which is a joint venture of Hindustan Petroleum Corporation Ltd and Mittal Investments Pvt Ltd, Singapore is planning to set up an up to 1.7-million tonne naphtha cracker unit to produce basic raw material which is usually used in the making of plastics . An investment of USD 3 billion ahs been earmarked for this. 

“It will be a 1.2-million tonne plant, expandable to 1.7 mt,”  said HPCL Chairman and Managing Director M K Surana who also added “We have land and other infrastructure at the Bhatinda refinery,”.

The project is expected to be flagged off formally after the  investment approvals.  Both HPCL and Mittal are equal partners in Bhatinda unit with each of them holding 48.94 percent and the balance is held by financial institutions.

The refinery has been shut down for 45 days to enhance the operational capabilities to enhance the production to meet the rise in demand in the North India. USD 350 million will be spent on expansion of Bhatinda refinery capacity to 11.25 mt per annum from the current 9 mt and is expected to be completed by next month.

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