HPCL-led consortium holds petrochem complex at Vizag
Press Trust of India / Mumbai Nov 20, 2009, 20:06 IST
State-run oil refiner Hindustan Petroleum Corporation (HPCL)-led consortium has temporarily put on hold its proposed Rs 30,000 crore petrochemicals complex at Visakhapatnam, a top official said today.
"The project has been put on hold because demand for petrochemicals has gone down," HPCL Chairman and Managing Director Arun Balakrishnan told reporters here.
This has been done for some time and "we will go ahead with the project once the situation (petrochemicals market) improves", Balakrishnan said.
The HPCL-led consortium includes GAIL, Oil India, Mittal Energy and French oil company Total.
Balakrishnan said, "We expect crude oil prices would hover around $75-100/barrel in the next six months. HPCL's debt rose to Rs 18,000 crore from Rs 12,000 crore in April due to non-issue of oil bonds from the government."
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