HCL: Hindustan Petroleum Corporation Limited Share/Stock Price, News Updates

Hindustan Petroleum Corporation Limited: Hindustan Petroleum Corporation Limited is a Mumbai-based Indian oil and gas refining corporation. ONGC has held a majority share in the company since 2018. As of 2016, the company was rated 367th on the Fortune Global 500 list of the world’s largest corporations.

About HPCL

By its goal, HPCL is focused on the evaluation and development of hydrocarbon accumulations in onshore and offshore projects through petroleum exploration, development, and production, as well as other activities. HPCL operates two refineries, one in Mumbai (West Coast) with 7.5 MMTPA installed refining capacity and the other in Visakhapatnam (East Coast) with 8.3 MMTPA installed refining capacity.

History Of HPCL

Hindustan Petroleum Corporation Limited (HPCL) is a state-owned Indian oil and gas business headquartered in Mumbai, Maharashtra. It has a robust marketing infrastructure and a 25% market share among public-sector firms (PSUs) in India.

Oil and Natural Gas Corporation controls 51.11% of HPCL, with the remainder allocated to financial institutions, the general public, and other investors. As of 2016, the company was rated 367th on the Fortune Global 500 list of the world’s largest corporations.

The Esso (Acquisition of Undertakings in India) Act 1974 resulted in the incorporation of HPCL in 1974, following the takeover and merging of the former Esso Standard and Lube India Limited.

The Government of India took over Caltex Oil Refining (India) Ltd. (CORIL) in 1976 and merged it with HPCL in 1978 by the CORIL-HPCL Amalgamation Order, 1978. The Kosangas Company Acquisition Act of 1979 united Kosan Gas Company with HPCL.

Major Current Projects

HPCL has devised ambitious goals for expansion and diversification in the areas of increasing energy consumption, technical advancement, and environmental management to enhance key operations and modernize. A summary of several notable projects now underway in various locations in India is provided below:

• Visakh Refinery Modernisation Project 

The project’s goal is to boost Visakh Refinery’s capacity to 15 MMTPA. It is currently under development and is scheduled to be finished in fiscal year 2021-22. The RUF project, which is part of the VRMP, is also proceeding well at Visakh Refinery and is expected to be completed by December 2022.

• Project for Mumbai Refinery Expansion

The project’s goal is to increase capacity from 7.5 to 9.5 MMTPA. The project is nearing the end of its execution phase. A tankage infrastructure with 38 hydrocarbon tanks and two firewater tanks has been mechanically finished as part of the MREP project at the Mumbai refinery.

Pipelines Of HPCL

• Visakh-Vijayawada-Secunderabad Pipeline (VVSPL) extension from Vijayawada to a new marketing terminal in Dharmapuri (VDPL Project)
• Barmer Palanpur Pipeline Project (BPPL)
• Hassan Cherlapally LPG Pipeline Project (HCPL)