State-run refiner Hindustan Petroleum Corp (HPCL) plans to more than double capacity at its Vizag site in 5-6 years with about $2.2 billion of investment, its head S. Roy Choudhury said on Friday.
"We have to get environment clearance which I hope we should get in July. It will take 4-5 years to build the refinery ... should be ready by 2016-2017," he told reporters.
He said HPCL planned to boost capacity at the 8.3 million tonne per year plant, located in the southern state of Andhra Pradesh, by 9 million tonnes per year with investment of Rs 10,000 crore ($2.20 billion).
HPCL currently also has a 130,000 bpd plant in Mumbai.
It has previously said it plans to expand overall capacity to 42 million tonne per year, or 840,000 barrels per day (bpd) from 16 million tonne in FY10 as it expects to nearly double products sales in FY17.
It said in September last year it could revive a refinery-cum-petrochemicals project in Vizag and was talking to both Indian and international companies. The project was put on hold in 2007 when petrochemical demand was seen too weak to justify the investment.
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