HPCL getting ready for big ticket investment in Vizag
Oil giant HPCL has big plans for investment in Visakhapatnam and its neighbourhood with plans to kick off work on expansion of Visakh Refinery and enter into a joint venture agreement with GAIL to set up a Greenfield refinery near the city. After a long delay, the HPCL management is happy that it could get green signal from Ministry of Environment and Forests last month for expanding the capacity of Visakh Refinery from 8.33 to 15 million tonne with a total investment of Rs.18,400 crore. Once tenders for various works are awarded, the work will gain momentum. The timeline fixed to complete the project from date of getting MoEF clearance is three years. The MoEF had earlier rejected the applications for expansion on the ground of imposing a moratorium on Greenfield and Brownfield projects after declaring the city as ´critically polluted.´ The tag was taken off a couple years ago after improvement in emission parameters - an issue which is strongly objected by environmentalists and social activists.