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HPCL
Hindustan Petroleum Corporation Ltd (HPCL) has signed a USD 3 billion deal to buy liquefied natural gas from the Abu Dhabi National Oil Company Gas (ADNOC Gas), making it the UAE's top customer, the firm said. The two firms signed a Sales and Purchase Agreement (SPA) during a very brief two-hour visit to India by UAE President Sheikh Mohammed bin Zayed Al Nahyan for talks with Prime Minister Narendra Modi on Monday. Abu Dhabi's state firm will supply 0.5 million tonnes of LNG a year to HPCL for 10 years starting 2028. "This agreement converts a previously signed Heads of Agreement between the two companies into a long-term SPA and is valued at approximately USD 2.5-3 billion over its (10 year) duration, for the export of 0.5 million tonnes per annum (mtpa) of liquefied natural gas (LNG)," ADNOC Gas said in a statement. HPCL said it will receive the LNG at its 5 million tonnes per annum LNG import terminal at Chhara, Gujarat. "The supplies under this agreement will support HPCL in
Hindustan Petroleum Corporation Ltd (HPCL) has commissioned a residue upgradation facility (RUF) at its Visakhapatnam refinery, significantly enhancing the plant's deep-conversion capability, distillate output and profitability, the company said on Monday. The 3.55 million tonnes-per-year facility includes India's first residue hydrocracking unit and the world's first LC-Max unit, capable of converting about 93 per cent of low-value bottom-of-the-barrel oils into high-value petroleum products. The project marks a major step in upgrading India's refining complexity and reducing dependence on imported fuels. HPCL in a statement said the new unit will raise distillate yields at the Visakh refinery by up to 10 per cent from pre-modernisation levels, and substantially improve gross refining margins by enabling the processing of heavier and opportunity crudes and delivering a superior product slate. The commissioning follows the Visakh Refinery Modernisation Project and lifts the refiner