HPCL plans to offload part stake in Gujarat LNG project: Report

Hindustan Petroleum Corporation (HPCL) is planning to sell a partial stake of its subsidiary HPCL Shampooer Private Limited (HSEPL). HSEPL is a joint venture between HPCL and Shampooer Palliation. HPCL is exploring the option of selling up to 50 percent stake to suitable buyers. This was confirmed by the sources in both HSEPL and Gujarat’s ports and transport department, according to a Financial Express report. HSEPL is in the process of building a 5 Million Metric Tonne Per Annum liquified natural gas (MMTPA LNG) terminal in the Gir Somnath district. The estimated cost of construction stands at Rs 4,300 crore. In March 2019, the Union Ministry of Environment, Forest and Climate Change had granted the environment and coastal regulatory zone clearance to HSEPL for the same. The terminal is expected to become operational by the end of 2023. The terminal is going to have all the facilities to receive LNG via ocean-going tankers such as marine unloading, LNG road tanker loading, storage, reclassification, and supply of classified LNG to the gas grid. The project is further expandable to a 10 MMTPA capacity in future, as per reports. HSEPL originally came into existence nine years ago as a 50:50 joint venture company by HPCL and Mumbai-based Shampooer Palliation Group firm SP Ports Private Limited (SPPPL). HPCL bought 50 percent stake of SPPPL, which had been going through financial problems, in March last year. As a result, HSEPL became a wholly owned subsidiary of HPCL . It owns and operates refineries in Mumbai and Visakhapatnam with a capacity of 9.5 and 8.3 MMTPA, respectively. The company owns country’s largest refinery in Mumbai. The refinery produces lube oil base stocks with a capacity of 428 Thousand Metric Tonnes Per Annum (TMTPA). Both the Mumbai and Visakhapatnam refineries have been upgraded for producing Bharat Stage Emission Standards (BS-VI) compliant transportation fuels. HPCL has stated on its website that it is committed to consistently achieve the ecological, economic, and social responsibility objectives of sustainable development via its varied operations and activities. It aims to contribute towards sustained overall economic growth by improving the efficiency and productivity of its operations. Read all the Latest News , Trending News ,  Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.