Target to complete Barmer refinery by 2020-2023: HPCL

Prime Minister Narendra Modi inaugurated Hindustan Petroleum Corporation Ltd’s (HPCL) Barmer Refinery yesterday and CNBC-TV18’s Anshu Sharma caught up with the CMD of HPCL MK Surana and asked him about the size and investment of this new plant.

Barmer refinery is a 9 million metric tonne capacity refinery which will have a petrochemical of around 2 million metric tonne. The investment is around Rs 43,129 crore and we are targeting the completion by the financial year 2022-2023, he said.

This is the first integrated refinery complex, which will be coming along with the petrochemical right from the inception. Normally the petrochemicals get added later on, he added.

Crude has shown an upswing in the last few days. Higher crude prices do impact the gross refining margins (GRMs) to some extent, said Surana.

Crude prices are showing resistance around USD 70 per barrel, he further mentioned.