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Home Asia

REC And HRRL Enters Into A Loan Agreement To Generate Clean Fuels

Mahima Mehta by Mahima Mehta
September 5, 2023
in Asia, Latest News
Reading Time: 1 min read
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REC And HRRL Enters Into A Loan Agreement To Generate Clean Fuels

State-run Rural Electrification Corporation or REC has entered into a loan agreement with HPCL Rajasthan Refinery or HRRL for Rs. 48,625 crore. Under the project, clean fuels will be produced such as BS-VI grade High-Speed Diesel, BS-VI grade Motor Spirit and products of petrochemicals such as Butadiene, HDPE, LLDPE, Toluene, Benzene and Polypropylene.

As per the agreement, a loan of Rs. 4785 crores will be provided by REC to HRRL in Rajasthan.

The agreement also includes developing a refinery and a petrochemical complex with a volume of 9mn tonnes per annum for Rs. 72,937 crore in Rajasthan’s Barmer district. The project also includes creation of a pipeline for water transportation till the refinery site and a pipeline set up for imported and Rajasthan crude transportation. It also includes making of a captive power plant for steam and refinery power requirements, facilities for product and crude storage and utilities, allied facilities and township.

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The project shall cater to the increasing demand of petrochemical and petroleum products in India especially in Central, Western and Northern parts.

HRRL is a joint venture between the Rajasthan Government and the Hindustan Petroleum Corporation or HPCL which was developed on September 18, 2013. While 26% is with the Rajasthan Government, 74% is with HPCL.

Source: Image Credit : https://www.projectsmonitor.com/
Tags: HRRLpetrochemicalsRajasthan
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Mahima Mehta

Mahima Mehta

Welcome to the insightful world of chemical knowledge! I'm Mahima Mehta, a seasoned content writer with a passion for all things chemical. With 15 years of experience in the industry, I've dedicated myself to bringing you the latest developments, in-depth analysis, and engaging narratives from the realm of chemistry.

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