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Rediff.com  » Business » HPCL plans Rs 1,040 crore investment in 2004-05

HPCL plans Rs 1,040 crore investment in 2004-05

December 04, 2003 14:59 IST

Hindustan Petroleum Corporation Ltd will invest Rs 1,040 crore (Rs 10.40 billion) in 2004-05 in its refineries and pipeline projects to attain organic growth, the Lok Sabha was informed on Thursday.

"During the 10th Plan (2002-07), HPCL has planned an investment of Rs 7,500 crore (Rs 75 billion) for various plan projects in refinery and marketing, and Rs 3,500 crore (Rs 35 billion) for various non-plan projects," Minister of State for Petroleum & Natural Gas Sumitra Mahajan said in a written reply to the lower house of the Parliament.

In the 10th Plan, HPCL proposes to invest Rs 2,251 crore (Rs 22.51 billion) in its proposed 9 million tonne Bhatinda refinery in Punjab, Rs 2,787 crore (Rs 27.87 billion) in upgrading fuel quality in Mumbai and Vizag refineries, Rs 400 crore (Rs 4 billion) in extension of product pipelines, Rs 490 crore (Rs 4.90 billion) in oil and gas exploration, and Rs 284 crore (Rs 2.84 billion) in LPG bottling plants.

Of this, HPCL will invest Rs 100 crore (Rs 1 billion) in Bhatinda refinery, Rs 800 crore (Rs 8 billion) in fuel quality upgradation in Mumbai and Vizag refineries, Rs 85 crore (Rs 850 million) in pipelines and Rs 50 crore (Rs 500 million) in LPG bottling plants next fiscal, she said.

To another question, Mahajan said subsidy on kerosene and domestic cooking gas in 2002-03 was Rs 3,690 crore (Rs 36.90 billion). During the first six months of the current fiscal, the subsidy outgo was Rs 1,284.50 crore (Rs 12.84 billion).

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