HPCL’S Barmer refinery project viable: Chairman

We will have a system to ensure that pollutants remain in optimum level and effluent water can be reused. Pet Coke, a by-product, will be used for power generation, which will also meet the power requirement of the refinery

JAIPUR: The Barmer refinery project of HPCL is viable despite reduction in viability gap funding, its chairman M K Surana has said.

On whether the previous MOU done by HPCL was not viable, Surana said, “Viability gap funding for the refinery project has reduced in the revised MOU, but the project is still viable for HPCL.” He said that parameters change with times. It is our responsibility that whatever decision we take is techno-commercially viable and at the same time, it benefits people and the government. “HPCL is a big company and we have tried exploring all technical and commercial opportunities. At the same time, we have also tried passing on the benefits to the state government and people, Surana said following signing of revised MOU for Barmer refinery.

Talking about the project, he said the refinery will incorporate best of technologies used in the world so that environmental impact resulting from the refinery can be minimised.

“We will have a system to ensure that pollutants remain in optimum level and effluent water can be reused. Pet Coke, a by-product, will be used for power generation, which will also meet the power requirement of the refinery,” Surana said.

Further, he said that refinery will produce petro- chemical derivatives and will provide raw material to petro- chemical industries.

He said the work for the refinery project will commence following necessary approvals required from various government authorities.

“The government has assured that a single window clearance will be set for necessary approvals for the refinery project. We are hopeful for the early approval,” he added. BENGALURU: Taparia Tools Ltd organised a Retailers Get Together Meet in Bengaluru, where they had on display various product ranges. Taparia Tools had started manufacturing Hand Tools in India since 1969.

Sales Director DP Taparia was present at the event and he said that Taparia Tools have been in the market for last 40 years and there are authorised dealers of Taparia Hand Tools in Bengaluru.

The company has quality products that are well accepted in the market. Its newly-launched products like Plastic Tool Box, Steel Files, Non-sparking Tools, Diamond Cutting Blade, Cut Off Wheel, etc., were displayed in the Retailers’ Get Together Meet. ABU DHABI: Oil-exporting cartel OPEC is optimistic that production cuts agreed with non-members to prop up prices will lead to a recovery in the market, its chief said today.

“We are optimistic that the policy measures we have taken already place us on the path of recovery,” OPEC Secretary General Mohammad Sanusi Barkindo said at an energy forum in Abu Dhabi.

OPEC members agreed in November to cut production by 1.2 million barrels per day for six months beginning from the start of the year. Some noncartel producers, led by Russia, joined in in December committing to cut output by 558 million bpd.

The OPEC chief did not take a position on whether oil ministers from participating countries would extend the cuts when they meet in Vienna next month. “These 24 countries, I believe, will take a decision that will be in the best interest of not only producers but also consumers and the global industry in general,” he said. OPEC and NON-OPEC producers said after talks in Kuwait last month that they were looking into extending the output cuts, as compliance with the agreement has increased. Barkindo said the joint action has put OPEC and other producers in the “driving seat” to dictate events instead of “reacting to market developments.” The cuts were agreed to help restore market stability “by addressing one variable, which is stock,” he said.

“As a result of the rising stock over the past years, the equation has gone out of balance.” All producers taking part in the cuts are committed to restoring stability, he said.

Oil prices have dropped by around half since 2014 and currently hover just above 50 per barrel.