REC extends Rs 4,785 Cr for HPCL Rajasthan Refinery’s project in Barmer
New Delhi: HPCL Rajasthan Refinery Limited (HRRL) executed a loan agreement under a consortium arrangement for Rs.48,625 crore wherein the share of state-run REC Ltd is ₹4,785 crore.
HRRL is setting up a green field refinery cum petrochemical complex, with a capacity of 9 MMTPA in Barmer district, Rajasthan at a Project Cost of ₹ 72,937 crore.
HRRL is a Joint Venture (JV) company of Hindustan Petroleum Corporation Limited (HPCL) and the Government of Rajasthan, incorporated on 18th September 2013. HPCL holds 74% equity stake in HRRL while the balance of 26% is held by the Government of Rajasthan.
The Project includes setting up an energy-efficient and environment-friendly refinery cum petrochemical complex with a capacity of 9 MMTPA, setting up a pipeline for transportation of both Rajasthan Crude and imported crude, pipeline for transportation of water to the refinery site, a captive Power Plant for meeting refinery power and steam requirement, crude and product storage facilities, township and allied facilities and utilities.
The Project will be producing clean fuels such as BS-VI grade Motor Sprit (MS or Petrol) & BS-VI grade High-Speed Diesel (HSD or Diesel) and Petrochemical products such as Polypropylene, Butadiene, LLDPE, HDPE, Benzene and Toluene. The Project will cater to the increased demand of petroleum and petrochemical products in the country and the Western, Northern and Central parts of India in particular.
About REC Limited: REC Limited, a Maharatna CPSU under the Ministry of Power, is an NBFC focusing on Power Sector Financing and Development across India. Established in 1969, REC Limited has completed over fifty years in the area of its operations.
It provides financial assistance to state electricity boards, state governments, central/state power utilities, independent power producers, rural electric cooperatives and private sector utilities.
Its business activities involve financing projects in the complete power sector value chain; for various types of projects including Generation, Transmission, Distribution and Renewable Energy. REC’s funding illuminates every fourth bulb in India.