HPCL gets government nod to plan relocation of Mumbai refinery: report
18 Feb 2010
Hindustan Petroleum Corporation (HPCL) is reported to have received government consent to go ahead with a feasibility study for shifting its refinery out of Chembur, in Mumbai.
The DNA newspaper said "the company has obtained the go-ahead from the ministry of petroleum and natural gas (MoPNG) to conduct a feasibility study to shift its Chembur, Mumbai refining operations to a new facility being planned further south on the Konkan coast."
Earlier reports had said that the state-run refiner was planning to invest Rs25,000 crore in a grass root refinery in Ratnagiri, in the Konkan coast, for relocating its 6.5 million tonne per annum Mumbai refinery.
HPCL is looking to build a refinery of 18-20 mtpa capacity and the proposal also involves the sale of its land in Mumbai to finance the project The land the company acquired in Mumbai has turned out to be insufficient for its ambitious expansion.
The new refinery will be funded partly through internal resources generation of about Rs11,000 crore and another Rs10,000 crore from the sale of land.
HPCL has nearly 340 acres of land in the Chembur costal area, held on a 999-year lease from the Mumbai Port Trust.
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