HPCL is looking out for a joint venture partner for its planned 15-MMTPA Greenfield refinery-cum petrochemical project in the Petroleum, Chemical and Petrochemical Investment Region (PCPIR) near Visakhapatnam. The project involves an investment of Rs. 45,000 crore. HPCL is in the process of acquiring land in the Visakhapatnam PCPIR
HPCL is reportedly in talks with the various global partners like Nippon Oil and Energy Corporation, British Petroleum, TOTAL, Kuwait National Petroleum Corporation (KNPC), Kuwait Petroleum International (KPI), Qatar Petroleum, Saudi Arabian Oil Corporation, Shell Global and Oman Oil Company with a proposal to become JV partner in the project.
It may be noted here that HPCL’s earlier JV with Aditya Birla group to implement Mangalore Refinery had failed miserably and presently the refinery is being run by ONGC.