HPCL board approves Rs 2,212-cr investment; appoints K Vinod as CFO

This project is expected to provide strategic advantage for evacuation of products for the expanded capacity of Visakh Refinery after implementation of Visakh Refinery Modernisation Project in optimizing placement costs and enable product movements to eastern, central and northern parts of the country.

Further, the company said that it has also revised the cost of Visakh Refinery Modernisation Project (VRMP) to Rs 30,609 crore with a mechanical completion by October 2024.

The major units of VRMP are already commissioned and the Resid Upgradation facility will be commissioned shortly. With the completion of the VRMP project, Visakh refinery will operate to its full capacity of 15 million metric tonnes per annum (MMTPA) including bottom upgradation facilities,' the company stated in the press release.

Meanwhile, HPCL has appointed K Vinod as the chief financial officer (CFO) of the company, effective from 11 September 2024.

K Vinod is a Chartered Accountant and has held senior positions in the company and handled various areas of finance covering refinery finance, corporate strategy & planning, international trade, oil price risk management, integrated margin management, SBU commercial, corporate finance & treasury etc. and has over three decades of experience.

HPCL is engaged in the business of refining of crude oil and marketing of petroleum products. It operates through two segments: downstream, and exploration and production of hydrocarbons.

The company reported a standalone net profit of Rs 355.80 crore in Q1 FY25, registering a de-growth 94.26% as against with Rs 6,203.90 crore posted in Q1 FY24. Revenue from operations (excluding excise duty) rose 1.56% to Rs 1,13,303.57 crore in the quarter ended June 2024 as against with Rs 1,11,567.43 crore posted in the corresponding quarter previous year.

Shares of Hindustan Petroleum Corporation added 0.34% to Rs 411 on the BSE.