Update : HPCL to complete Bhatinda refinery alone

PSU oil major HPCL today announced that it would complete the Rs13,000 crore Bhatinda refinery project on its own. According to M B Lal, chairman and managing director, HPCL, the project would be completed by 2010, as originally scheduled.

HPCL's assertion comes in the wake of the British oil major's decision to opt out of its proposed joint venture with for the 180,000bpd Bhatinda refinery saying the investment climate was in India did not suit new investments in refining and fuel marketing.

In October 2005, HPCL and BP had signed a letter of intent to form a 50:50 JV to undertake a new refining and marketing joint venture to build a refinery at Bhatinda in Punjab and later cover the entire refining and marketing sectors.

HPCL and Total of France have been in early stages of talks for a possible partnership in the project India has undertaken substantial capacity upgradation in its bid to emerge a petroleum refining hub in the Asia Pacific region.