Hindustan Petroleum Corporation (HPCL) plans to invest Rs 45,000 crore by 2020 in expansion of its Mumbai and Visakhapatnam refineries as well as augmenting its marketing infrastructure.
While Rs 21,000 crore would be invested in refining capacity expansion, Rs 9,000 crore would be spent in marketing infrastructure till 2020. A total of Rs 14,000 crore would go into joint venture refinery projects, natural gas business and upstream oil exploration.
The company will invest Rs 4,199 crore in expanding its Mumbai refinery capacity to 9.5 million tonnes per annum (MTPA) from current 6.5 MTPA. It will invest another Rs 17,000 crore in expanding Visakhaptnam refinery capacity to 15 MTPA from 8.3 MTPA currently.
Another USD 350 million is planned to be invested in raising capacity of 9 MTPA Bhatinda refinery to 11.25 MTPA. The company is also partnering Mumbai-based infrastructure major Shapoorji Pallonji to set up a 5 MTPA LNG import terminal at Chhara port in Gujarat. The project will cost Rs 5,411 crore and financial closure for the project has been completed.