 | « Back to article | Print this article |
Notwithstanding its divestment setback, Hindustan Petroleum Corporation Ltd is planning to enter the domestic exploration segment and foray into the markets of Sri Lanka and Bangladesh.
HPCL has submitted an expression of interest for acquiring 100 out of the total 260 retail outlets of Ceylon Petroleum. The company said that the Sri Lankan government has asked it to submit technical and price bids for the same.
The company was also putting a cooking gas and a blending plant in Bangladesh and was keen to participate in the divestment process in the oil sector of that country.
As far as the exploration segment is concerned, HPCL said it has allocated about Rs 500 crore (Rs 5 billion) for the upstream segment and was looking for big wells as part of its long-term plans.
The investment, however, could rise to Rs 1000 crore (Rs 10 billion) depending on what the oil PSU gets in the NELP-IV, which ends on September 30, HPCL chairman and managing director M B Lal said, adding that Prize Petroleum, the joint venture exploration company of HPCL was the advisors for the process.
To a query on MRPL, Lal said HPCL was looking at MRPL as a commercial proposition and its interest was only in the assured supply of products.
"We are happy that the share value of MRPL has increased and there are no plans to divest our stake in that company."