HPCL may sell 50% stake in Vizag to Total

New Delhi, Jan 18 | Updated: Jan 19 2007, 05:30am hrs
Hindustan Petroleum Corp Ltd (HPCL) may offload 50% stake in its upcoming 9 million tonnes per annum (mtpa) refinery at Vizag in Andhra Pradesh to Total SA of France.

"We are in talks with Total for a possible partnership in our new 9 mtpa refinery project at Vizag," HPCL chairman and managing director MB Lal told reporters on sidelines of the petrotech oil and gas conference here on Thursday.

HPCL is expanding its Vizag refinery from 7.5 mtpa to 9 mtpa and building another export-oriented 9 MT refinery adjacent to it. Lal will meet CEO of Total Thierry Desmarest for talks on the planned stake sale.

HPCL, he said, was also in talks with several companies for its $3 billion Bhatinda refinery in Punjab. "We are talking to few companies. Nothing has been finalised as yet," he said when asked about the LN Mittal group picking a 49% stake in the project. On participation of OIL in the project, Lal said, We are yet to take this proposal to our board.