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News Release from: Foster Wheeler
Edited by the Engineeringtalk Editorial
Team on 20 November 2003
Indian study completed
Foster Wheeler Energy has successfully completed a technical due diligence study for the Hindustan Petroleum Corporation, the second largest refining and marketing oil company in India.
Foster Wheeler Energy has successfully completed a technical due diligence study for the Hindustan Petroleum Corporation (HPC), the second largest refining and marketing oil company in India The contract represents the first due diligence study executed by Foster Wheeler for a major Indian oil company
This article was originally published on Engineeringtalk on 2 Feb 2001 at 8.00am (UK)
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The technical due diligence report carried out by Foster Wheeler concerned two refineries (the Mumbai and Visakhapatnam) refineries and two cross-country pipelines.
The Indian Government is currently involved in a major disinvestment programme, and is seeking to sell its 34.01% share of HPC.
It is estimated that this share is worth in excess of $2 billion and it is anticipated that these assets will attract interest from most of the world's leading oil companies.
Foster Wheeler mobilised, at short notice, a team of specialists to conduct the report in a nine-week time frame.
The report provides comprehensive information with respect to the facilities and its operation.
Foster Wheeler was contacted by HSBC Holdings, one of the world's largest banking and financial service organisations, to conduct this evaluation on behalf of HPC and the Government of India's disinvestment board.
Ian Bill, Chairman and Chief Executive of Foster Wheeler Energy, commented: "We have worked with the majority of the world's leading oil companies.
They are aware of the wealth of expertise that Foster Wheeler brings to every project and its reputation for quality and professionalism in providing a truly independent evaluation." The Mumbai refinery has a capacity of 5.5Mt per annum and the Visakhapatnam refinery has a capacity of 7.5Mt per annum.
Both refineries produce a range of high-quality refinery products including lubricating oils.
The two cross-country pipelines are the Mumbai-Pune pipeline, a 161km multiproduct pipeline that delivers refined white oil products to terminals within Maharashtra state and the Visakh Vijayawada-Secunderabad pipeline, a 572km multiproduct pipeline delivering refined white oil products to terminals within the Andhra Pradesh state.
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