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Hindustan Petroleum to resume work on Rajasthan refinery

IANS  |  New Delhi 

State-run marketer Hindustan Petroleum Corp (HPCL) on Monday announced its decision to resume work on its refinery.

"Hindustan Petroleum Corporation Ltd. Board at its meeting held on April 17, 2017 has approved resumption of Refinery Project and signing of revised MoU with the Government of for implementation of the project," the company said in a stock exchange filing, without providing further details.

In March 2013, the board had approved setting up of the complex at a cost of Rs 37,320 crore, and the company had signed an MoU with the Rajasthan government for setting up the refinery-cum-petrochemical complex in the Thar desert.

Petroleum Minister Dharmendra Pradhan had announced earlier this month that the fiscal incentives for the project had been revised.

"The fiscal package negotiated by the previous (Congress) government had put a big burden on Rajasthan. Now, that has been balanced," he had said.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, April 17 2017. 23:42 IST