Hindustan Petroleum to invest Rs 74,000 crore to expand capacity in next 5 years

Hindustan Petroleum Corporation (HPCL) is planning to invest around Rs 74,000 crore over the next five years to expand capacity.

The ONGC-owned Navaratna company plans to invest around Rs 14,900 crore in the current fiscal. This was revealed by its chairman Mukesh Kumar Surana to shareholders after the annual general meeting in Mumbai.

He said: “We are focused on strengthening refining and marketing through expansion of our refining capacity, supply chain capabilities and customer reach.”

“In addition, the thrust is on creating new levers of growth by establishing a strong presence in petrochemicals, scaling up footprints in natural gas and expanding marketing overseas,” added Surana.

HPCL, which owns and operates three refineries,has undertaken capacity expansion at refineries at Visakhapatnam and Mumbai.

Image Credit : livemint.com

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