en.Wedoany.com Reported - The Indian government announced on Wednesday that the cabinet has approved an 84% increase in the project cost of HPCL Rajasthan Refinery Limited (HRRL) to 794.59 billion rupees (approximately $8.6 billion). Information Minister Ashwini Vaishnaw stated, "The project is expected to commence commercial operations in July this year, creating about 10,000 direct jobs." The HPCL Rajasthan Refinery, located in Rajasthan state, is a joint venture between the state-owned oil company HPCL (holding a 74% stake) and the Rajasthan state government (holding a 26% stake).

The HPCL Rajasthan Refinery project has received an additional equity investment of 89.26 billion rupees, bringing the total equity investment to 196 billion rupees. The refinery will utilize both domestic and imported crude oil to produce gasoline, diesel, and a variety of chemical products, including polypropylene, polyethylene, benzene, toluene, and butadiene. These products have significant applications in industries such as transportation, pharmaceuticals, and coatings, helping to reduce India's import dependence and save foreign exchange.

Vaishnaw added, "The construction of the HPCL Rajasthan Refinery is a crucial part of India's energy self-sufficiency strategy, and its operation will enhance domestic refining capacity." The project cost adjustment reflects factors such as rising raw material prices and infrastructure upgrades. Currently, 1 US dollar is approximately equivalent to 92.3530 Indian rupees. The refinery is expected to have a positive impact on the regional economy and energy security after becoming operational.

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