REC to provide Rs 4,785 cr loan for refinery project in Rajasthan

State-owned REC Ltd on Tuesday said it will provide a loan of Rs 4,785 crore to HRRL's project in Rajasthan.

HRRL is a joint venture between Hindustan Petroleum Corporation Ltd (HPCL) and Rajasthan government. HPCL holds 74 per cent equity stake in HRRL.

"REC extends Rs 4,785 crore for HPCL Rajasthan Refinery's project in Barmer. HRRL has executed a loan agreement under consortium arrangement for Rs 48,625 crore wherein the share of state-run REC Ltd is Rs 4,785 crore," REC said in a statement.

HRRL is setting up a green field refinery cum petrochemical complex, with a capacity of 9 MMTPA at a project cost of Rs 72,937 crore.

The project includes setting up of an energy efficient and environment friendly refinery cum petrochemical complex, crude and product storage facilities, township and allied facilities and utilities, a captive power plant for meeting refinery power and steam requirement.

It will be producing clean fuels such as BS-VI grade Motor Sprit (MS or Petrol) & BS-VI grade High Speed Diesel (HSD or Diesel) and Petrochemical products such as Polypropylene, Butadiene, LLDPE, HDPE, Benzene and Toluene.