HPCL, Mittal to invest $3 billion in Bhatinda petrochemical unit

Hindustan Petroleum Corporation Ltd (HPCL) and Lakshmi N Mittal will invest about USD 3 billion in setting up a petrochemical complex at their Bhatinda refinery in Punjab.

State owned HPCL’s Chairman and Managing Director M K Surana said, “It will be a 1.2-million tonne plant, expandable to 1.7 mt.”

HPCL-Mittal Energy Ltd (HMEL), a joint venture between HPCL and Mittal Energy Investments Pvt Ltd, Singapore, plans to set up an up to 1.7-million tonne naphtha cracker unit to produce basic raw material that goes into making of plastics.

“We have land and other infrastructure at the Bhatinda refinery,” the top official said and added that the project will be formally announced shortly after investment approvals. Though setting up a petrochemical plant takes up to four years, HMEL plans to fast-track the process to build it in lesser time.

Image credit: financialexpress.com

Research Desk

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