Govt clears HPCL’s revised ₹79,459 crore outlay for Rajasthan refinery

State-run oil major Hindustan Petroleum Corporation Limited (HPCL) has secured government approval to sharply revise the cost of its Rajasthan refinery project from ₹43,129 crore to ₹79,459 crore, while committing an equity investment of ₹19,600 crore to retain a 74% stake in the venture.

In an exchange filing, HPCL said, “The Ministry of Petroleum & Natural Gas… has advised approval for the revision of HRRL project cost from Rs. 43,129 crore to Rs. 79,459 crore and HPCL equity investment of Rs. 19,600 crore to maintain its equity stake of 74%.”

The project, being executed through HPCL Rajasthan Refinery Limited (HRRL), is a greenfield integrated refinery-cum-petrochemical complex with a Nelson Complexity Index of 17 and petrochemical intensity of 26%, highlighting its advanced configuration and downstream focus.

HPCL added that the project is in an advanced stage of commissioning, with trial runs of key units, including the crude distillation unit (CDU), currently underway.

The development comes few days after HPCL issued a rare tender seeking a liquefied petroleum gas tanker to immediately load propane and butane from Russia’s Ust-Luga port.

Read More: India's HPCL issues rare tender seeking tanker to load Russian LPG, document shows

Shares of HPCL ended today's trade 0.5% higher at ₹372.30 on the NSE. On a YTD basis, the shares have given a negative return of 25%.

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