Tendersinfo keep you informed about the latest events in the national and international Procurement Industry. Procurement News provides in-depth coverage of the procurement industry, including contract awards, contract additions, new contract wins, mergers and acquisitions. Tendersinfo through its tender news section provides an update on all domestic and global tendering opportunities, invitation to bid & trade leads.

Publish Date : 18-Mar-2013

The Hindustan Petroleum Corporation Limited (HPCL) and the Government of Rajasthan signed a Memorandum of Understanding (MOU) at Jaipur today on setting up a refinery-cum-petrochemical complex in Barmer, Rajasthan. The project will be set up in joint venture between M/S HPCL, M/S Rajasthan State Refinery Limited and other equity partners.

The signing ceremony was held in the distinguished presence of the Union Minister of Petroleum and Natural Gas Dr. M. Veerappa Moily, Chief Minister Shri Ashok Gehlot, the Union Minister of State of Petroleum and Natural Gas Smt. P. Lakshmi. Senior officials from Ministry of Petroleum and Natural Gas, Government of India and HPCL were also present on the occasion. Shri Subhash Pant, Secretary Mines and Petroleum, Government of Rajasthan and Shri K.Murli, Director (Refineries) M/S HPCL signed the MOU on behalf of Government of Rajasthan and M/S HPCL respectively.

The refinery will be set up at an estimated capital investment of Rs. 37,230 crores. The project is estimated to take about 4 years for going on stream. The refinery will process the locally available crude as well as other crudes. The refinery-cum-petrochemical complex is designed to produce motor fuels with latest environmental specifications and wide range of petrochemicals which will have a substantial impact on the economy of Rajasthan.

Speaking on the occasion the Union Petroleum and Natural Gas Minister Dr. Veerappa Moliy appreciated the untiring efforts of the Chief Minister of Rajasthan and expressed his pleasure on Rajasthan realizing a long cherished dream of having a refinery in the state. He stated that the huge investment associated with the project is expected to usher in economic growth of the state and will be a boon to Rajasthan. He underlined that the signing of the MOU is the beginning of a new phase of development and growth for Rajasthan. He also stated that the proposed refinery has the potential to become an anchor industry for developing downstream and other sector industries in and around the region. Highlighting the unique aspects of the projects, Dr. Moily stressed that the proposed complex will be the first such complex specifically designed to produce petrochemicals from the indigenous crude oil. He appreciated HPCL for taking the initiative in developing this project and for adopting innovative approach in achieving the best utilization of the indigenous crude, maximizing the value from the project through the production of petrochemicals for improving project viability. Congratulating the people of Rajasthan and stake holders of the project, he wished the project proponents HPCL and its partners all the success for the completion of the project.

Go to previous page