Rajasthan hires consultancy firm to review oil refinery stake

To review Rajasthan's share of equity with the HPCL in Rs 37,230 crore oil refinery, the ruling BJP government today told the house that a "consultancy firm" has been hired to review the financial aspects of the oil refinery and petrochemical plant.
The plant's foundation stone was laid by the former UPA chairperson Sonia Gandhi at Pachpadra in Barmer district in September last year.
Replying on the demands of grants on mining and industry after five hours of debate, minister-incharge R S Rathore said after giving free land, interest less loan of Rs 56,000 crore for fifteen years to HPCL to build the oil refinery-cum-petrochemical project of Rs 37,230 crore, it would give just 26 per cent of equity to the state.

Thus, the state government hired the consultancy firm to review and propose new financial aspect of the oil refinery, Rathore, who is also Parliamentary Minister, said.
Interrupting him, an Independent MLA M C Surana informed the house that there were reports that HPCL was ready to pay 50 per cent share in the business, on which Rathore said, "Wait, more will come out".
Quoting recent figures of Cairn oil exploring targets, Rathore claimed that Rajasthan had got plenty of not only crude oil reserves but also gas reserves as Barmer-Jaisalmer basin would touch the production of 7.0 billion barrels from 4.6 billion barrels.

Based on geological formations, Cairn also spotted new crude oil reserves in Fatehgarh, Dharvi-Dungar, and Barmer Hill (names coined in geological survey), the minister-incharge said, adding Cairn also found gas reserves of one trillion cubic feet.