New Delhi, April 17, 2017: State-run oil marketer Hindustan Petroleum Corp (HPCL) on Monday announced its decision to resume work on its Rajasthan oil refinery.
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“Hindustan Petroleum Corporation Ltd. Board at its meeting held on April 17, 2017 has approved resumption of Rajasthan Refinery Project and signing of revised MoU with the Government of Rajasthan for implementation of the project,” the company said in a stock exchange filing, without providing further details.
In March 2013, the HPCL board had approved setting up of the complex at a cost of Rs 37,320 crore, and the company had signed an MoU with the Rajasthan government for setting up the refinery-cum-petrochemical complex in the Thar desert.
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Petroleum Minister Dharmendra Pradhan had announced earlier this month that the fiscal incentives for the project had been revised.
“The fiscal package negotiated by the previous (Congress) government had put a big burden on Rajasthan. Now, that has been balanced,” he had said. (IANS)