Hindustan Petroleum Reveals Plan for High Capex Investment in the Next Five Years
Hindustan Petroleum Corporation, one of the leading oil refiners in India, is eyeing for major expansion in its infrastructure facilities by the next 5 years as a part of its smart growth strategy. As per the announcement made at the 68th annual general meeting on Wednesday, the company is planning to increase its refining capacity in Mumbai unit to 9.5 MTPA and Visakh unit to 15 MTPA. These high scale projects are anticipated to widen its gross refining margins along with improvisation in its operational complexities. Of the overall budget worth 600 million, HPCL has planned to spend 120 million in the current fiscal for increasing the refining capacity and another 70 million for the strategic developments and marketing. Presently, the company holds 16476 retail outlets and 6110 distributors of Liquified Petroleum Gas (LPG). It has planned to add 500 new retail outlets by the end of FY 21. As of now, HPCL exports petroleum commodities to around 14 countries, it eyes to target 20 more countries for diversifying its business portfolio. The company is also developing a whole new Liquified Natural Gasification terminal in Gujarat in line with the attempts to promote clean and green energy. As per the chairman, the prime focus of HPCL is to expand its foothold in the clean and green energy vertical with enhanced focus on Natural Gas.