State-run Hindustan Petroleum Corporation Limited (HPCL) has received approval from the company’s board for the construction of pipeline from Visakh to Raipur at an estimated cost of Rs 2,212 crore.
The pipeline would help in evacuation of products from the HPCL’s refinery in Visakhapatnam, the oil marketing company (OMC) said in an exchange release. HPCL is doubling the capacity of the refinery from 8.33 MMTPA (million metric tonnes per annum) to 15 MMTPA.
“This project is expected to provide strategic advantage for evacuation of products for the expanded capacity of Visakh Refinery after implementation of Visakh Refinery Modernisation Project in optimizing placement costs and enable product movements to eastern, central and northern parts of the country,” the company said in the release.
HPCL also revised the cost for Visakh Refinery Modernisation Project (VRMP)—the project to enhance capacity—to Rs 30,609 crore with the mechanical completion of the expanded refinery by October 2024.
“The major units of VRMP are already commissioned and the Resid Upgradation facility will be commissioned shortly. With the completion of the VRMP Project, Visakh Refinery will operate to its full capacity of 15 MMTPA including bottom upgradation facilities,” the company said.
The company also appointed K Vinod as the Chief Financial Officer (CFO) with effect from September 11. Vinod has held senior positions at HPCL and handled various areas of finance including refinery finance, corporate strategy & planning, among others.
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