Latest news with #RajneeshNarang
Reuters
12-02-2025
- Business
- Reuters
India's HPCL signs agreement to source LNG for NTPC
NEW DELHI, Feb 12 (Reuters) - India's Hindustan Petroleum Corp (HPCL) ( opens new tab has signed an initial pact for sourcing gas for utility company NTPC Ltd ( opens new tab, HPCL Chairman Rajneesh Narang said on Wednesday. The two companies will explore collaboration for liquefied natural gas (LNG) sourcing as India's gas-based power generation rises during summers, he said. "We have to work the modalities for a firm contract," Narang told Reuters. HPCL owns a 5 million tons per year LNG import terminal at Chhara in western India. Under the pact, NTPC will either book capacities at the terminal or hire LNG tankers there, HPCL chairman said. The companies would also explore joint sourcing of LNG, he said. NTPC produces a quarter of India's electricity generation and has the potential to consume 6.9 million tons of gas per year, the official said. here.
Reuters
11-02-2025
- Business
- Reuters
India's HPCL plans to raise Vizag oil refinery capacity by as much as 20%
NEW DELHI, Feb 11 (Reuters) - State-run Hindustan Petroleum (HPCL) ( opens new tab plans to increase the capacity of its Vizag oil refinery in southern India by as much as 20% to meet growing local fuel demand, its chairman Rajneesh Narang said. India is raising its crude processing capacity as the world's third-largest oil importer and consumer wants to be a major global refining hub while its fuel demand is expected to continue growing for the next decade. HPCL recently expanded the capacity of the Vizag refinery to 300,000 barrels per day and is looking for a further increase. "We are exploring raising the (annual) capacity by 2-3 million (metric) tons (40,000-60,000 bpd). We have to take a board approval for this," Narang told Reuters at the India Energy Week conference, without providing the estimated cost or timeframe. HPCL will soon start operations at the Vizag refinery's new secondary units, including a 3.5 million-ton-per-year (tpy) residue upgradation unit to boost its distillate yield by 10% and improve its gross refining margin (GRM) by $3 per barrel. It will also bring online a 2.6 million tpy diesel hydro desulphuriser. India's fuel demand is expected to rise alongside the expansion of its economy, though motorists are being drawn to electric vehicles and industries are switching to renewables from diesel-generated electricity to cut their carbon footprints. To future-proof its plants, HPCL is also building a petrochemical plant at its 180,000 bpd Barmer refinery in the desert state of Rajasthan. The refinery is India's first plant to have a highest petrochemical intensity - the percentage of crude oil that is converted into chemicals - of 26%. While crude processing at the Barmer refinery will begin in June-July, the petrochemical project will start operation by December, Narang said. The company plans to operate the Rajasthan refinery through spot oil purchases and would sign annual crude purchase deals for the plant from next year after the units stabilise, he added. HPCL also operates a 190,000 bpd Mumbai refinery in western India. The company imports about 21 million tons of crude annually, with about 8 million to 9 million tons procured from the spot markets, Narang said. To cut its crude import cost, the refiner set up a crude trading desk last year that negotiates with oil sellers for better terms instead of floating tenders for spot purchases, he added. (1 metric ton = 7.3 barrels of crude)
