The Union Cabinet today approved setting up of HPCLs Rs 37,229 crore refinery-cum- petrochemical complex in Rajasthan. The Cabinet Committee on Economic Affairs (CCEA) at its meeting this morning approved the project,official sources said.
HPCL is to hold up to 74 per cent stake in the project,while the balance 26 per cent will be with Rajasthan government.
Rajasthan government has also agreed to provide interest free loan of Rs 3,736 crore every year for 15 years from the date of commencement of production.
The same is to be repaid by the joint venture in equal annual installments from 16th years after commercial production commences for the next 15 years.
Sources said HPCL will have the marketing rights,including first right of refusal in respect of uplifting and purchase of all products (including petrochemicals),which would be produced by the refinery.
The refinery,which is planned to go on stream in four years,will source half its crude oil from Cairns Barmer oilfields,while the remainder will be imported.
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