Hindustan Petroleum to invest ₹60,000 cr in five years: Surana

MUMBAI : State-run Hindustan Petroleum Corp. Ltd will invest over ₹60,000 crore in the next five years to build infrastructure, HPCL chairman Mukesh K. Surana said at the company’s 68th annual general meeting on Wednesday.

HPCL will increase its refining capacity at the Mumbai facility to 9.5 million tonnes per annum (mtpa) and at the Visakh refinery to 15 mtpa. “These projects will improve the complexity of the refineries and add to the overall gross refining margins,” he said.

In 2020-21, HPCL will invest ₹12,000 crore. The refiner said it has not revised its capex downward despite the covid-19 impact. Of the ₹12,000 crore, it will spend ₹7,000 crore to increase refinery capacity and ₹5,000 crore for marketing.