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HPCL signs JV agreement for $6.2-billion refinery and petrochemical complex in India

9:02 AM MDT | July 12, 2013 | Deepti Ramesh

Hindustan Petroleum Corp. Ltd. (HPCL; Mumbai), which is owned by the government of India, says it has signed a joint venture agreement with the local government in the state of Rajasthan, India, for building the previously announced 9-million m.t./year refinery and petrochemical complex at Barmer, in Rajasthan. The project will involve a total investment of about 372.3 billion Indian rupees ($6.2 billion), HPCL says. HPCL will hold a 74% stake in the jv, and the government of Rajasthan will hold the remaining 26%. HPCL and the government of Rajasthan signed a...

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