Varanasi (Uttar Pradesh) [India]Jan 22 (ANI): State-owned Hindustan Petroleum Corporation Ltd (HPCL) is expected to operate its Vizag refinery in Andhra Pradesh at an expanded capacity of 15 million tonnes per year (mtpa) from the end of June.
HPCL is in the process of commissioning units at the refinery, which previously had a capacity of 8.33 mtpa, HPCL president Pushp Joshi said.
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“Our crude oil imports will increase as we expand capacity. We will buy from wherever we get at cheaper prices,” Joshi told reporters at an event to launch CNG-fuelled ships on the Ganges river.
India, the world’s third largest oil importer, buys more than 85 percent of its oil needs abroad. Indian refiners are investing billions of dollars to upgrade their plants to meet growing demand for fuel in Asia’s third-largest economy.
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“We trade twice as much as we produce at the refineries, so it will help HPCL to be sufficient in refined products,” Joshi said, adding that HPCL’s residue upgrading project at the Vizag refinery to improve its distillate yield It will be ready by the end of this year.
To expand its portfolio, HPCL is installing an oil-to-chemicals plant linked to its Vizag refinery and building a 5 mtpa gas import terminal at Chhara in West Gujarat.
Joshi said the liquefied natural gas (LNG) terminal would be ready by the end of March, but commissioning would take time as the pipeline for the evacuation of gas and a breakwater to protect ships against high tide.
“We are looking at ways to operate the terminal and have submitted a condition sheet to import between 1.5 and 2 million tons of liquefied natural gas,” he added. (AND ME)
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