HPCL (Hindustan Petrolem Corporation Limited) is a Fortune 500 and Forbes 2000 Navaratna mega Public Sector Undertaking in oil refining & marketing business, with an annual turnover of over Rs. 1, 03, 837 crores ($25142 Million) (FY 2007-08), 16% Refining & Marketing share in India and a strong market infrastructure
The Company was incorporated in 1952 as Standard Vacuum Refining Company of India Limited. In 1962, the name was changed to ESSO Standard Refining Company of India Limited. Hindustan Petroleum Corporation Limited comes into being after the takeover and merger of erstwhile Esso and Lube India Undertaking in 1974. In 1976, Caltex Oil Refining Ltd. was taken over by the Government of India and subsequently merged with HPCL in 1978. In 1979, Kosan Gas Company, the concessionaries of HPCL in the domestic LPG market, were taken over and merged with HPCL.
HPCL accounts for about 16% of the market share and 10.3% of the nation’s refining capacity with two coastal refineries, one at 'Mumbai' (West Coast) having a capacity of 5.5 MMTPA and the other in Vishakapatnam (East Coast) with a capacity of 7.5 MMTPA. HPCL also holds an equity stake of 16.95% in Mangalore Refinery & Petrochemicals Limited (MRPL), a state-of-the-art refinery at Mangalore with a capacity of 9 MMTPA. HPCL is well on its way towards setting up another grassroot refinery in the state of Punjab, called Guru Gobind Singh Refineries Limited.
HPCL also owns and operates the country’s largest Lube Refinery, producing Lube Base Oils of international standards. With a capacity of 335,000 Metric Tonnes. This refinery accounts for over 40% of the country’s total Lube Base Oil production.
The vast marketing network of the Corporation consists of Zonal offices in the 4 metro cities and over 85 Regional offices facilitated by a Supply & Distribution infrastructure comprising Terminals, Aviation Service Stations, LPG Bottling Plants, and Inland Relay Depots & Retail Outlets.
BP pulls out of Indian refinery project Hindustan Petroleum may sell shares in a new unit to finance plant BUSINESS ASIA by Bloomberg
Mar 27, 2006; Maher Chmaytelli and Manash Goswami International Herald Tribune 03-27-2006 BP, Europe's largest oil company, has pulled out of a...
BP strikes deal for India refining venture.(British Petroleum Company PLC forms joint venture with Hindustan Petroleum Corporation Ltd. )
Oct 14, 2005; UK supermajor BP on Thursday agreed to form a joint refining and marketing venture with India's state-run Hindustan Petroleum....