Indian venture

BP and the Hindustan Petroleum Corporation are to form a 50/50 strategic joint venture in India.


BP and the Hindustan Petroleum Corporation Limited (HPCL) are to form a 50/50 strategic joint venture in India.


One of the joint venture’s first major projects will be the construction of a $3 billion refinery with an annual capacity of at least 9 million tonnes (180,000 barrels a day), at Bhatinda, in Punjab, India.


At the same time, the partners will discuss the establishment of a retail service station network, in preparation for the refinery coming on stream in 2009.


In addition, the joint venture will provide assistance in crude selection and supply for other refineries of HPCL.


The two companies intend to establish a joint working group to progress the development of the joint venture and also examine a range of other opportunities, including some outside India.