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Bathinda Refinery to be completed by 2005
By A Business Correspondent
The Bathinda Oil Refinery, the foundation stone of which was laid in November 1998 by the Prime Minister, is likely to be completed by December 2005. Work on the 9-mpta project, known as Guru Gobind Singh Refineries Ltd, a subsidiary of HPCL, commenced in June 2001. About 806 hectare of land has been acquired for the project. And, so far, Rs 136 crore has been spent on it.
The project includes the construction of a 9-mtpa grassroots refinery with a 140-mw captive power plant. It would have a single mooring and crude oil terminal at Mundra. The location for this has already been identified. Thereafter, the crude oil would be carried through a 1,006-km long pipeline from Mundra to Bathinda. Orders are likely to be placed during the next two months for the construction of power and water distribution systems. Tenders are being finalised for providing facilities such as fire-fighting, effluent treatment and product despatch and a 350-acre green belt.
The total cost of the project is estimated at Rs 16,000 crore. Guru Gobind Singh Refineries Ltd is planning to issue optionally fully convertible debentures of Rs 900 crore and equity of Rs 100 crore, in order to fund the expenditure up to 2003. HPCL will guarantee payment of interest and principal amount to debenture holders investing in the OFCDs. The necessary groundwork in terms of finalisation of book running lead managers, co-runners, trustees and registrars has been completed.
(1/12/01)
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