HPCL to build third refinery in Punjab

India’s Hindustan Petroleum Corp. Ltd. (HPCL) said it would set up its third refinery in the northern state of Punjab, with an annual refining capacity of 9 million tons by 2010. The unit would process heavy and sour crude, and involve an initial investment of Rs138 billion (US$3 billion), said M.B. Lal, the firm’s chairman and managing director. The company is investing Rs90 billion (US$2 billion) to double the capacity of its Vizag refinery and adding a petrochemicals complex in the same location, also at a cost of Rs90 billion (US$2 billion). (November 22, 2006)