HPCL to invest Rs 74000 cr in 5 years

first_imgMumbai: Hindustan Petroleum Corporation(HPCL) is planning to invest around Rs 74,000 crore over the next five years to expand capacity. The Navaratna company plans to invest around Rs 14,900 crore in the current fiscal, chairman Mukesh Kumar Surana told shareholders after the annual general meeting here Wednesday evening. “We are focused on strengthening refining and marketing through expansion of our refining capacity, supply chain capabilities and customer reach. Also Read – Thermal coal import may surpass 200 MT this fiscal”In addition, the thrust is on creating new levers of growth by establishing a strong presence in petrochemicals, scaling up footprints in natural gas and expanding marketing overseas,” he said. The company, which owns and operates three refineries,has undertaken capacity expansion at refineries atVisakhapatnam and Mumbai. The modernisation of the Visakhapatnam refinery will enhance capacity from 8.33 million tonnes to 15 mt. The capacity of the Mumbai refinery is also being enhanced from 7.5 mt to 9.5 mt. Also Read – Food grain output seen at 140.57 mt in current fiscal on monsoon boost”On completion, these projects will enhance our profitability. We will have the capability to produce BS-VI fuels,” he added. Surana further said the 9 mt greenfield refinery-cum- petrochemical project coming up at Pachpadra in the Barmer district of Rajasthan has achieved significant progress. “Engineering activity is in progress and construction has commenced. Financial closure has also been achieved for this project. The project is being implemented at a cost of Rs 43,129 crore,” Surana said. The company is, he said, laying a thrust on pipeline network expansion. “Ongoing pipeline projects with total estimated investment of Rs 5,555 crore are in various stages of completion,” he added. HPCL, along with Indian Oil Corporation Ltd and Bharat Petroleum Corporation Ltd, incorporated a joint venture company, IHB Private Ltd, in July 2019 for the execution of the country’s longest, 2,757-km LPG pipeline project from Kandla in Gujarat to Gorakhpur in Uttar Pradesh. Last fiscal, HPCL saw its highest ever capital expenditure of Rs 12,438 crore, with some capital projects being completed while other projects under implementation. To enhance liquefied petroleum gas supply and distribution capabilities, bottling capacity of 330 tmtpa (thousand metric tonnes per annum) was added during the year at existing bottling plants. The company also commissioned a new LPG bottling plant at Warangal district in Telangana with a capacity of 60 tmtpa. The company also plans to build second-generation ethanol production facilities, and market compressed bio-gas. Its net profit for fiscal 2019 stood at Rs 6,029 crore and gross refining margins (GRM) averaged at $5.01 a barrel. Meanwhile, Hindustan Petroleum, which is a minority partner in the proposed West Coast Refinery, feels Saudi Aramco, the single largest shareholder in the 60 million tonne project, partnering with Reliance will have no impact on the now-stuck project. Mukesh Surana, the chairman of the ONGC-run HPCL, also said the work on the controversial Rs 4 trillion refinery and petrochemicals project is on track. It can be noted that the location for the project is yet to be identified after the one identified earlier in Ratnagiri was abandoned due to public and political protests last year. Speaking to reporters here late Wednesday evening after the AGM, Surana said Aramco’s decision to pick up a 20 percent consideration in Reliance’s Jamnagar refinery for $15 billion could be part of the world’s largest oil company’s strategy to secure a long-term client for its crudes. “It will not be right on my part to comment on what Aramco’s strategy is. But my understanding is that they have got the capability to do both the projects (West Coast Refinery and Reliance). So the deal that they have gone into with RIL, I don’t think it will have any apparent impact on other discussions that are going on,” Surana said. Three state-owned oil majors–Indian Oil, Bharat Petroleum and HPCL–have entered into an agreement with Saudi Aramco under which the Saudi oil major has picked up 51 percent stake in the refinery project. Aramco in turn has roped in Abu Dhabi National Oil Company as a minority partner for the 60 million tonne refinery-cum-petrochemical complex. But some analysts view Aramco going with RIL due to the massive cost escalation in the West Coast project, which has jumped by Rs 1 trillion to Rs 4 trillion and also there is no guarantee that the project will take off at all. The three state-owned companies will own 49 percent in the project, of which 25 percent will be held by IOC and the rest equally between the other two. Earlier, the project was proposed to come up at Nanar, a village in Ratnagiri district, some 400 km south of Mumbai. However, due to continued opposition from the locals as well as the ruling ally in the state, Shiv Sena, the Devendra Fadnavis-led government decided to relocate the project to another location. Fadnavis had, reportedly, recently said the new site will be in the neighbouring Raigad district, about 100 km south of the financial capital. But the location is yet to be finalized. Reliance recently announced its plan to sell 20 percent stake in its refining and petrochemicals business for $15 billion to Aramco, which would also supply 5,00,000 barrels of crude per day to the twin refineries in Jamnagar. “As far as Aramco is concerned, they will be happy to have a destination for their crude for a long-term basis and the buyers will also be happy to have a long-term arrangement for an assured source of supply. So to that extent I don’t see any contradictions in the two partnerships,” Surana said. When asked about the timeline for the West Coast project, he said, “I don’t think we can give a timeline. This refinery will take five years to be completed but the final investment destination has to be taken. “The configuration study work is in progress and multiple cases are being worked out depending on the changing demand supply situation and once that is frozen there can be a comprehensive case.” Whether the implementation of the BS-VI fuels from next April will increase the prices, he said, “all the refineries are investing for this and all refineries are hydrogen dominated units and hydrogen is a costly commodity. “There will be a cost to refineries and we would definitely like that there will compensation by way higher prices. But to what extent, we need to see,” he said.last_img read more

Standing Rock Tribal Council votes to oust Red Warrior camp over agressive

first_imgTom Fennario APTN National NewsThe Standing Rock Sioux Tribal Council has voted to oust the Red Warrior camp over the tactics it uses in the field.The Red Warriors Camp is controverisal because, at times, it involves breaking the [email protected]last_img

Residential school survivors descendents show poorer health outcomes survey

first_imgMia RabsonThe Canadian PressOTTAWA – The impacts of residential schools on the health and well-being of First Nations people are similar, whether they attended the schools themselves or are descended from someone who did, a new survey suggests.The finding comes from the third regional health survey by the First Nations Information Governance Centre, a non-profit organization with a mandate from the Assembly of First Nations. The centre has conducted the only comprehensive survey done in Canada of the health and socio-economic conditions on reserves.The first volume being made public today looks at physical and mental health, employment and income, housing and residential school experiences.On the latter it found the number of former residential school students still living is dwindling, but the impacts of the schools continue for the students’ children and grandchildren.Jonathan Dewar, executive director of the centre that produced the survey, said this is in keeping with similar research over the last 15 years.“Our studies indicate the impact of intergenerational survivors of residential schools were similar, sometimes identical to residential school survivors,” he said.About 15 per cent of adults who live on a reserve in Canada said they had attended a residential school. That number was 20 per cent in the first two surveys released in 2003 and 2010. Nearly two in three of those who attended said the schools had negatively impacted their health and well being.More than four in 10 adults who attended a residential school say they were sexually abused and seven in 10 say they were physically and verbally abused.About one-tenth reported the schools had a positive impact while about one-quarter said it had no impact, good or bad.The survey found former students or children of former students were less likely to say they were in good or excellent health compared with those who were not touched by the schools.Residential school survivors and those whose parents or grandparents attended were more likely to have considered suicide at some time in their life and had higher rates of binge drinking and drug use, including marijuana and opioids. For example, one in four teenagers on reserve who had a parent who attended a residential school had considered suicide, compared with one in 10 teenagers who didn’t have a parent or grandparent attend.Dewar says the survey does show some bright spots of improvement for the health and social well-being of people living on reserves though he cautions there needs to be more research done to explain why that may be.“It’s definitely showing signs of progress,” he said. “It still says there is more work that needs to be done. We need to dig deeper to know what interventions have worked.”In many cases where indicators have improved, First Nations still show significant differences from the general population in areas such as income and education, he noted.The number of adults who haven’t finished high school fell to 35 per cent from 40 per cent between 2010 and 2017. Youth smoking rates were cut in half, with one in 10 teenagers smoking regularly in the most recent survey compared to one in five seven years earlier. The prevalence of fetal alcohol syndrome was reduced among children living on reserves and the number of mothers who reported smoking during pregnancy fell to about one-third from nearly half.Almost 75 per cent of youth said they abstained from alcohol, up from 61 per cent seven years ago.On the flip side, some indicators got worse, particularly overcrowded housing. About 24 per cent of adults were living in a house considered to be overcrowded, up from 17 per cent in 2002. A house is deemed overcrowded if there is more than one person per room in the home.More than two-thirds of First Nations people living on reserve are in the labour force, either working or looking for work, which is slightly higher than the Canadian population as a whole. However almost one-third of First Nations adults on reserve are unemployed, compared with less than one-tenth of the general population.Fifteen per cent of the people who are not participating in the labour force said there was simply no work to be found in their community or that they had given up looking. Another 18 per cent said they could not work because of a health issue or disability.The survey is based on responses from more than 24,000 people living on reserve in 253 First Nations across Canada and was conducted between 2015 and 2017. The next volume of the report will focus on language and culture and will be released in July.last_img read more