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Hindustan Petroleum Corporation Ltd (HPCL) and its partner Lakshmi N Mittal will be investing about USD 3 billion to set up a petrochemical complex at their Bhatinda refinery in Punjab.
HPCL – Mittal Energy Ltd (HMEL) which is a joint venture between HPCL and Mittal Energy Investments Pvt Ltd, Singapore, aims to set up an up to 1.7 million tonne naphtha cracker unit for producing basic raw material which goes into making of plastics.
HPCL Chairman and Managing Director M K Surana has said that “It will be a 1.2 million tonne plant, expandable to 1.7 mt.”
However, a petrochemical plant takes up to four year in setting up, HMEL aims to fast track the process to build it in lesser time.
