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HPCL expects margins to rise from Vizag, Mumbai refinery upgrade

HPCL achieved the financial closure for this project through a consortium of lenders led by SBI in January this year and has started the construction work of filling, piling and building the 27-km long boundary wall.State-run refiner Hindustan Petroleum (HPCL) sees an incremental Rs 3- Rs 4 per barrel of refining margins every quarter following the bottoms upgrade and modernisation of its Visakhapatnam and Mumbai refineries by the end of calendar year 2020. HPCL chairman and managing director Mukesh Kumar Surana said the expansion and modernisation of refineries will not just add capacities but will increase the ability to process the dirty and heavier crude with higher complexity."This will add another Rs 3-Rs 4/barrel to our gross refining margins after the expansion is complete. At present the bottoms upgrade is going on at Vizag. This will be followed up at Mumbai as at present we are creating space at our Mumbai refinery for the bottoms upgrade facility".

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