NEW PARTNER WANTED FOR BHATINDA REFINERY

Vol 3, PW 7 (28 Apr 99) News in Brief
     

The Punjab State Industrial Development Corporation has invited offers from prospective partners to take a 26% stake in the Bhatinda refinery, promoted by Hindustan Petroleum Corporation.

Saudi Aramco and (lately) Exxon both pulled out of the 9m tonnes a year (t/y) grassroots refinery, citing disagreement with HPCL over marketing rights. Included in the project is a captive power plant and a 1,008km, 30 inch diameter crude pipeline from the Gujarat coast to the refinery.

Any partner will be expected to make an investment of $240m and can negotiate marketing rights for its share of the refinerys product.