HPCL scouts for partners for Vizag petrochemical complex

Hindustan Petroleum (HPCL) is scouting for partners for its proposed Rs 45,000-crore petrochemical complex at the Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) in Visakhapatnam, a senior executive of the state-run oil major said today.

According to O P Pradhan, executive director (PCPIR project) of HPCL, French petroleum giant Total SA is among the overseas companies with which partnership talks are being held.

"We are already in dialogue with potential partners, including some PSUs. We are also in talks with Total," he told mediapersons on the sidelines of a seminar on 'PCPIR- Opportunities & Challenges' organised by Assocham.

Earlier, in his presentation at the seminar, Pradhan said the company is looking for partners who will be able to supply 50 to 60% of feed stock for the project.

Pradhan said they have requested the Andhra Pradesh Government to allot 1,000 acres of land in addition to the 1,500 acres sanctioned earlier for the complex.

HPCL is mulling setting up a 350 mw captive power plant as part of the project, the official said.

The Government-owned oil giant, as an anchor partner, is setting up a 15 mmtpa petrochemical complex with an estimated investment of Rs 45,000 crore at Visakhapatnam where the company has a refinery with 8.5 mmtpa capacity.

The proposed complex, among other units, will have aromatics and olefin plants to produce value-added products, Pradhan added.