The state government of Rajasthan has signed a fresh memorandum of understanding worth Rs 43,129 crore with Hindustan Petroleum Corporation Ltd (HPCL) for an oil refinery in Barmer district which will produce BS-VI fuel.
The Rajasthan government will have 26 per cent stake in the refinery project while HPCL will have the rest shareholding.
According to Union Oil Minister Dharmendra Pradhan,
the work for the refinery will commence in the current financial year and will complete in next four years
It will be the largest industrial investment in the state, he stated.
Under the new terms and conditions, the refinery cost has come down to Rs 16,845 crore, which was Rs 56,040 crore in the previous MoU done by the Congress government in 2013, Pradhan added.
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