REC extends ₹4,785 crore mortgage for HPCL Rajasthan Refinery’s venture in Barmer

New Delhi: HPCL Rajasthan Refinery Restricted (HRRL) on Tuesday secured a major monetary enhance for its upcoming venture in Barmer, Rajasthan, because the Rural Electrification Company Restricted (REC) prolonged a mortgage of 4,785 crore. 

“HPCL Rajasthan Refinery Restricted (HRRL) executed a mortgage settlement on 4 July 2023 beneath a consortium association for Rs.48,625 crore whereby the share of state-run REC Ltd is 4,785 crore,” the corporate mentioned in a press launch.

HRRL, a three way partnership between HPCL and Rajasthan authorities, goals to determine a state-of-the-art greenfield refinery cum petrochemical complicated in Barmer district with an estimated venture value of 72,937 crore. The venture holds immense promise for the area’s financial progress and growth.

The venture encompasses a number of parts, together with the development of an energy-efficient and environmentally pleasant refinery cum petrochemical complicated. It additionally consists of the event of pipelines for the transportation of each Rajasthan crude and imported crude, a water transportation pipeline to the refinery web site, a captive energy plant, and important storage amenities.

One of many key aims of the HRRL venture is the manufacturing of fresh fuels in compliance with the BS-VI emission requirements. It is going to contribute to the manufacturing of BS-VI grade Motor Spirit (petrol) and BS-VI grade Excessive-Velocity Diesel (diesel). 

Moreover, the venture will generate important petrochemical merchandise similar to Polypropylene, Butadiene, LLDPE, HDPE, Benzene, and Toluene, catering to the rising demand for petroleum and petrochemicals within the Western, Northern, and Central areas of India.

HPCL at the moment holds a 74% fairness stake in HRRL, whereas the Rajasthan authorities owns the remaining 26%.

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Up to date: 04 Jul 2023, 08:24 PM IST