Thursday, November 24, 2005

HPCL Vizag

Total to pick up 26% in HPCL’s Vizag refinery:
French oil major Total is close to acquiring up to 26% equity stake in Hindustan Petroleum Corporation Limited’s (HPCL’s) 15 mmtpa Vizag refinery.
The equity participation will allow Total to enter petroleum retailing in India, since it would have invested more than the mandatory Rs 2,000 crore which is the minimum investment criteria to secure licence to retail petroleum products in the country. A few months ago, Total was interested in picking up a stake in HPCL’s 9 mmtpa Bhatinda refinery. But British Petroleum had pipped Total to take a stake in the refinery.


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