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04-28-2012, 10:27 PM #1
Bhatinda refinery capacity will be doubled: MittalBillionaire Lakshmi N. Mittal on Saturday said capacity of his first downstream oil venture here will be doubled to 18 million tonne in future.
Speaking at the formal opening of the Rs. 21,500 crore Guru Gobind Singh Refinery here, Mr. Mittal said the 9 million tonne a year unit will help in energy security of the country and make Punjab a petrochemical hub.
“The capacity of the refinery can be increased to 18 million tonne per annum in future,” he said at the function where Prime Minister Manmohan Singh formally dedicated the unit to the nation.
The refinery is the first investment in downstream oil sector by Mittal, Chairman of ArcelorMittal, the world’s biggest steelmaker. Mittal Energy has a venture with state-owned Oil & Natural Gas Corp (ONGC), which has offshore oil exploration blocks in Nigeria.
Mr. Mittal said the refinery will feed fuel into deficit markets of northern India.
HPCL Mittal Energy Ltd, a joint venture of Mittal’s Mittal Energy Investments and state-owned Hindustan Petroleum Corp Ltd (HPCL) was built in 42 months....being a human...