Hindustan Petroleum Corp has dropped its plan to build a refinery in Andhra Pradesh. However, the company will move forward with a proposed petrochemical unit as per news sources. In partnership with GAIL the state-owned HPCL will construct the petrochemical plant.
The refinery-cum-petrochemical complex was being discussed by GAIL and HPCL for years, but failed to find foreign funding. The proposed complex required cost of Rs 85,000-95,000 crores which was possible only through a foreign hand.
