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VARANASI, India, Jan 22 (Reuters) – State-run Hindustan Petroleum Company (HPCL.NS) hopes to function its Vizag refinery in southern India at an expanded capability of 15 million tonnes each year (mtpa) from end-June, its chairman Pushp Joshi mentioned on Sunday.
HPCL is within the means of commissioning models on the refinery, which beforehand had a capability of 8.33 mtpa, he mentioned, including HPCL’s crude imports would rise within the subsequent fiscal yr from April in consequence.
“Our crude imports will go up as we increase capability. We’ll purchase from wherever we get at cheaper charges,” Joshi advised reporters at an occasion to lunch gas-fuelled boats within the River Ganges.
India, the world’s third greatest oil importer and shopper, buys over 80% of its oil wants from abroad. Indian refiners are investing billions of {dollars} to improve their vegetation to fulfill rising gasoline demand in Asia’s third largest economic system.
“We market double than what we produce within the refineries in order that (growth) will assist HPCL in turning into adequate in refined merchandise.”
Joshi mentioned HPCL’s residue upgradation undertaking at Vizag refinery will enhance its distillate yield and will likely be prepared by the tip of this yr or in January 2024.
As a method to increase its portfolio, HPCL is organising an oil-to-chemical plant linked to its Vizag refinery and constructing a 5 mtpa fuel import terminal at Chhara within the Western state of Gujarat.
Joshi mentioned the LNG terminal could be prepared by end-March however commissioning would take time because the pipeline for evacuation of fuel and a breakwater, to guard vessels towards excessive tide, are but to be constructed.
“We’re methods for working the terminal and have floated a time period sheet to import 1.5-2 million tonnes of liquefied pure fuel (LNG),” he mentioned.
Reporting by Nidhi Verma, Enhancing by William Maclean
Our Requirements: The Thomson Reuters Belief Ideas.
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