HPCL plans $3.8 billion refinery investment – Feedback

Hindustan Petroleum Corp plans to invest around $3.8 billion to ramp up its refining capacity by two-thirds this decade, as the country’s oil demand soars and to meet cleaner fuel standards, a company official told Reuters.

Fuel demand in India – the world’s third-biggest oil consumer – is rising at its fastest clip in more than a decade, buoyed by Prime Minister Narendra Modi’s manufacturing push and as an expanding middle class buys more cars. State-run Hindustan Petroleum (HPCL) aims to raise its capacity to process about 500,000 barrels per day (bpd) of crude by investing around 250 billion rupees ($3.76 billion), refineries head, B. K. Namdeo, said in an interview.

http://economictimes.indiatimes.com/industry/energy/oil-gas/hpcl-plans-3-8-billion-refinery-investment-to-lift-capacity-by-two-thirds/articleshow/51893222.cms

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