Hindustan Petroleum Corporation Ltd. (HPCL) has registered gross sales of Rs. 53,243 crores for April-June 2013 as against Rs. 46,406 crores in the corresponding previous period, an increase of 14.7 per cent. Domestic sales of petroleum products have increased to 7.79 million tonnes, registering a growth of above 4.7 per cent over the first quarter of the previous year, as against the industry averaage growth of 1.8 per cent. Sales of motor spirit (petrol) increased by 12.9 per cent and that of high-speed diesel by 7.1 per cent over the first quarter of the previous year, the highest growth rates among the PSU oil marketing companies.
The HPCL refineries in Mumbai and Visakhapatnam processed 3.44 million tonnes of crude during April-June 2013 (3.58 million tonnes). The thruput for the quarter was higher at the Mumbai refinery but lower at the Visakh refinery, as compared to the corresponding quarter of last year. The combined GRM during the quarter was $2.58 per barrel.
On the financial front, the loss for April-June 2013, was Rs. 1,460 crores against a loss of Rs. 9,249 crores for April-June 2012. The lower loss is mainly on account of lower absorption of under-recoveries on sale of sensitive petroleum products, higher refining margins, as also lower manpower costs.
A joint venture agreement was signed between HPCL (with 74 per cent equity) and the Rajasthan Government (with 26 per cent equity) at Jaipur on July 11 for setting up a state-of-the-art 9 mmtpa refinery-cum-petrochemical complex in Barmer district at an estimated capex of Rs. 37,230 crores. The joint venture company will be known as HPCL Rajasthan Refinery Ltd. The project is under final stages of approval. All the statutory approvals, including environmental clearance, land, financial closure and final Central approval are expected to be obtained by the end December. The project is expected to be mechanically completed within 48 months.
Meanwhile, HPCL and SP Ports Private Ltd. of the Shapoorji Pallonji Group have signed a joint venture agreement for setting up an LNG re-gasification terminal with an initial capacity of 5 mmtpa at Chhara in Junagadh district of Gujarat. The terminal is being developed through a joint venture company with 50:50 equity participation by HPCL and SPPPL at a cost of Rs. 5,411 crores.