REC extends Rs 4,785 cr for HPCL project in Barmer

HPCL Rajasthan Refinery Limited (HRRL) executed a loan agreement under a consortium arrangement for Rs 48,625 crore wherein the share of state-run REC is Rs 4,785 crore. HRRL is setting up a greenfield refinery cum petrochemical complex, with a capacity of 9 MMTPA in Barmer district, Rajasthan at a project cost of Rs 72,937 crore. HRRL is a JV company of Hindustan Petroleum Corporation (HPCL) and the Government of Rajasthan, incorporated on September 18, 2013. HPCL holds 74% equity stake in HRRL while the balance of 26% is held by the Government of Rajasthan.The Project includes setting up an energy-efficient and environment-friendly refinery cum petrochemical complex with a capacity of 9 MMTPA, setting up a pipeline for transportation of both Rajasthan Crude and imported crude, pipeline for transportation of water to the refinery site, a captive Power Plant for meeting refinery power and steam requirement, crude and product storage facilities, township and allied facilities and utilities.The project will be producing clean fuels such as BS-VI grade Motor Sprit (MS or Petrol) and BS-VI grade High-Speed Diesel (HSD or Diesel) and petrochemical products such as Polypropylene, Butadiene, LLDPE, HDPE, Benzene and Toluene. The project will cater to the increased demand of petroleum and petrochemical products in the country and the Western, Northern and Central parts of India in particular.