Hindustan Petroleum
Since 2018, Oil and Natural Gas Corporation has owned majority of its stake. It is ranked 367th on the Fortune Global 500 list of the world's biggest corporations as of 2016. On 24 October 2019, it became a Maharatna
History
HPCL was incorporated on 5 July 1952 as Standard Vacuum Refining Company of India Limited. In 1974, it changed its name after the takeover and merger of erstwhile Esso Standard and Lube India Limited by the Esso (Acquisition of Undertakings in India) Act 1974. Caltex Oil Refining (India) Ltd. (CORIL) was taken over by the Government of India in 1976 and merged with HPCL in 1978 by the CORIL-HPCL Amalgamation Order 1978. Kosan Gas Company was merged with HPCL in 1979 by the Kosangas Company Acquisition Act 1979.
In 2003, following a petition by the Centre for Public Interest Litigation (CPIL), the Supreme Court of India restrained the central government from privatizing Hindustan Petroleum and Bharat Petroleum without the approval of Parliament. As counsel for the CPIL, Rajinder Sachar and Prashant Bhushan said that the only way to disinvest in the companies would be to repeal or amend the Acts by which they were nationalized in the 1970s. As a result, the government would need a majority in both houses to push through any privatization.
HPCL has been steadily growing over the years. The refining capacity increased from 5.5 million metric tons (MMT) in 1984–85 to 14.80 million metric tons as of March 2013. On the financial front, the net income from sales and operations grew from ₹2,687 crores in 1984–1985 to ₹2,06,529 crores in the 2012–13 financial year. During the 2013–14 financial year, the company's net profit was ₹1,740 crores. During the 2021–22 financial year following the COVID-19 pandemic, HPCL's profit was ₹6,383 crore and its revenue was ₹ 3,72,642 crore (its highest ever, up by 38%).
1952 Incorporation of Standard – Vacuum Refining Company (StanVac)
1955 Incorporation of Caltex Oil Refining Company
1962 StanVac operations taken over by ESSO
1974 Takeover and merger of ESSO and Lube India into HPCL
1978 Merger of Caltex with HPCL
1979 Merger of Kosan Gas with HPCL
Merger and acquisition
On 19 July 2017, the Government of India announced the acquisition of HPCL by the Oil and Natural Gas Corporation (ONGC). On 1 November 2017, the Union Cabinet approved ONGC for acquiring a majority 51.11% stake in HPCL. On 30 January 2018, ONGC acquired the entire 51.11% stake, thus gaining majority ownership.
Operations
HPCL wholly owns two major refineries in India: one in Mumbai (west coast) with a capacity of 9.5 million tonss per year, and one in Visakhapatnam (east coast) with a capacity of 8.3 million tons per year.
In addition, HPCL holds an equity stake of 16.95% in Mangalore Refinery and Petrochemicals Limited, a company that runs a state-of-the-art refinery in Mangalore with a capacity over 9 million tons per year. HMEL, a joint venture between HPCL and Mittal Energy Investments Pte. Ltd, operates another refinery of 11.3 million tons per year in Bathinda, Punjab. HPCL has signed a memorandum of understanding with the Government of Rajasthan for constructing a refinery near Barmer; it would be operated under a joint venture company called HPCL Rajasthan Refinery Limited (Popularly known as HRRL).
HPCL also owns and operates the largest lubricant refinery in India, with a capacity of 335,000 metric tons, producing lube base oils of international standards.[citation needed] This refinery accounts for over 40% of India's total lube base oil production. Presently, HPCL produces over 300 grades of lubes, specialties, and greases.
The marketing network of HPCL consists of 21 zonal offices in major cities and 128 regional offices facilitated by a supply and distribution infrastructure comprising terminals, aviation service facilities, liquefied petroleum gas bottling plants and distributors, lube filling plants and distributors, inland relay depots, and retail outlets (petrol pumps).
HPCL has a state-of-the-art information technology infrastructure to support its core business. The data center is at Hitech city in Hyderabad.
Visakhapatnam Refinery
Visakhapatnam Refinery (officially: Visakh Refinery), is one of the two oil refineries of HPCL in India, the other being Mumbai Refinery. This was one of the first major industries of Visakhapatnam and first oil refinery on the East Coast. After the nationalisation, HPCL has transformed itself into a mega Public Sector Undertaking and it is second largest integrated oil company in India.
History of Visakha refinery
Visakha refinery was commissioned by Caltex Oil Refining (India) in 1957, with an installed capacity of 0.675 million tonne per year.
The facility was acquired by the Government of India in 1976 and amalgamated with HPCL in 1978 by the CORIL-HPCL Amalgamation Order, 1978.
The refinery's capacity was increased to 4.5 million tonne per year under the first major expansion project in 1985, known as Visakha Refinery Expansion Project-I (VREP-I).
Its refining capacity was increased to 7.5 million tonne per year under VREP-II in 1999, and again to 8.3 million tonne per year in 2010.
VRCFP (Visakh Refinery Clean Fuels Project)
This project was implemented by the Projects Department at Visakh Refinery. This project is essentially to produce fuels for environment improvement at an estimated cost of Rs 16352 million with an FE component of Rs 2525 million.
The project was approved by the Board on 30 April 2003. M/s EIL is the consultant for the project. Process licensors include M/s UOP, M/s Axens and M/s Belco.
No comments:
Post a Comment