HPCL board OKs Rs 4,679-cr modernization project at Mumbai refinery

This project will increase the lube oil base stocks (LOBS) production from the current 475 KTPA to 764 KTPA, with the production of superior-grade Group II+ and Group III LOBS. Additionally, bitumen production will rise by approximately 487 KTPA with the upgrade of fuel oil to bitumen.

The estimated cost of this project is Rs 4,679 crore with a mechanical completion schedule of 36 months and 3 months for commissioning from the date of board approval.

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

The company's standalone net profit tumbled 87.67% to Rs 631.18 crore in Q2 FY25 as against Rs 5,118.16 crore posted in Q2 FY24. Net sales (excluding excise duty) grew by 4.29% year on year (YoY) to Rs 99,413.16 crore in the September 2024 quarter.

Shares of Hindustan Petroleum Corporation shed 0.38% to Rs 405.45 on the BSE.