Hindustan Petroleum Corporation Limited (HPCL) has
drawn up a strategy to make foray into development and acquisition of E&P
(exploration and production) assets, increase focus on developing gas business,
establish a new greenfield refinery along the Maharashtra coast and get into aviation sector.
‘Target Shikhar’
Under the codified document ‘Target Shikhar’, the
company aims to charter a journey by improving refining profitability and
operational efficiency, delivering rapid and profitable growth by achieving 42
million metric tonnes marketing volume by 2016-17, placing bets on CBM (coal
bed methane), shale gas, coal seam gas, solar and wind energy, and building
E&P business.
According to the document, the effort during the
XII Plan would be to make the existing refineries competitive with best in
class private sector ones and ensure product availability to meet projected
market demand. It has planned to set up greenfield
refinery at the West Coast in Maharashtra and expand Visakhapatnam
As part of the mission to make HPCL a fully
integrated company in the hydrocarbon sector, it is imperative, the document
states, to focus on exploration and production business which allows access to
equity crude, generates high returns as compared to downstream and provides a
hedge against higher crude prices.
“HPCL will pursue E&P business through Prize
Petroleum after making it a 100 per cent subsidiary company,” it states.
On the natural gas business front, the document
states, HPCL aims to build a successful gas business. The target is to source
and market 5 million metric tonnes of natural gas per annum by 2017 while
seeking to acquire 10 city gas distribution networks, constructing
Kakinada-Visakhapatnam pipeline and building 5 million metric tonnes per annum
of re-gasification and transport capacity.
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