HPCL’s search for a partner for its upcoming highly capital intensive 15-MMTPA Greenfield refinery cum petrochemical project in the Petroleum, Chemical and Petrochemical Investment Region (PCPIR) being promoted in the vicinity of Visakhapatnam is going on. PSU oil marketing company has reportedly approached 11 potential partners with the offer so far and the last one being approached was Vedanta Resources.
HPCL’s Visakhapatnam refinery is expected to cost Rs. 45,000 crore and the prospective joint venture partner is not only required to bring in money but also is required to participate in the configuration study and the preparation of a detailed feasibility report for the proposed project.
Though HPCL has been on the look out for a partner for this project for more than past five years, search has become more rigorous and intensive during last one year. HPCL has already floated a tender for appointment of a consultant for conducting a detailed feasibility study for the proposed project. Also the process of land acquisition for the project has started.