Hindustan Petroleum On A High

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MUMBAI, INDIA (GaeaTimes.com)- Hindustan Petroleum Corporation Ltd has plans to acquire oil blocks in the African countries as has been confirmed by Subir Roy Choudhari, the Managing Director and Chairman of the company. The company is in the process of securing oil blocks in countries like Egypt, Oman and Australia already. The information was given to the reporters after the annual general meeting of HPCL was over. The MD however did not reveal the details of the plans and the time line etc to the media.

Hindustan Petroleum Corporation Ltd is also going to relocate the refinery based in Mumbai to Ratnagiri. This will give it the possession of 350-acre land in the financial capital of India and its valuation is INR 17500 crore. The MD said that it is yet to be decided what will be done with this land. The entity has no plan to sell it off immediately and decision on its future would be taken later. The company will earn much more Gross Refining Margin in the upcoming facility on Ratnagiri compared to what it gets in the existing Mumbai based refinery.

In another recent development Hindustan Petroleum Corp Ltd is going to raise the cost of the petrol by 0.28 rupees a liter. The price hike will become effective from Wednesday. Other giant oil retailers in India including BPCL and Indian Oil Corp are also going to hike the fuel prices. The price hike is expected to be identical across the states. The move comes after the central government freed petrol prices to oil retailers in the country.