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Rajasthan Refinery Set to Redefine Profits: HPCL Eyes $20/Barrel Margins, Fast-Tracks Crude and Petchem Launch

Updated: May 07, 2025 11:33

Image Source: Hrrl.in
Hindustan Petroleum Corporation Ltd (HPCL) is gearing up for a landmark year as it accelerates the commissioning of its 9 MTPA Rajasthan refinery, with executives projecting industry-leading profitability and a rapid rollout of its petrochemical unit.
 
Key Highlights:
  • $20/Barrel GRM Ambition: HPCL expects the Rajasthan refinery to deliver a gross refining margin (GRM) of around $20 per barrel-one of the highest in India’s refining sector. This robust margin is driven by the refinery’s advanced configuration, ability to process diverse crudes, and integrated petrochemical production, positioning it as a profit powerhouse in the region.
  • Crude Unit Commissioning by October 1: The company aims to commission the crude processing unit by October 1, 2025, ahead of earlier timelines. Mechanical completion is on track for September, with phased ramp-up to full capacity by 2027. Initial operations will run at 75–80% utilization, supporting North India’s growing fuel demand.
  • Petchem Unit to Start by January 2026: The refinery’s petrochemical complex, featuring polypropylene and polyethylene plants, is slated for start-up in January 2026. This will significantly boost India’s self-reliance by reducing petrochemical imports and supporting the government’s vision of a 450 MTPA national refining capacity by 2030.
  • Economic and Regional Impact: The project, developed by HPCL Rajasthan Refinery Limited (HRRL), is a ₹73,000 crore investment and will anchor industrial growth in western Rajasthan. It is expected to create thousands of jobs and cut India’s petrochemical import bill by up to ₹26,000 crore annually.
  • Strategic Milestone: With most engineering and construction contracts nearly complete, HPCL is poised to realize the full benefits of this world-class facility, reinforcing its leadership in India’s refining and petrochemical landscape.
Sources: HPCL Q2 FY2024 Earnings Call, ICIS, ChemIndigest, The Hans India, Economic Times

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