Chartering wing(s) in place - HPCL ready to fly

Reinforced with Mittal Steel, Hindustan Petroleum Corporation Ltd. has decided to set up their independent Chartering & Shipping Department for transportation of term and spot crude. HPCL's ship chartering activities are expected to commence from October, 2007 once their existing COA, for term crude, with SCI expires on September 30, 2007. Simultaneously, the company will also break free from Transchart which is currently providing spot crude transportation services to HPCL.

The company will have Bhatinda refinery, with annual capacity of 9MMT in 51-49% partnership with Steel Mittal, up and kicking by 2010. Meantime, the company has two running refineries at Mumbai - 7.9MMTPA and Vizag - 8.3MMTPA.

HPCL has already appointed Sudhir Ranganekar, Ex-Director, SCI as a consultant for setting up their Chartering & Shipping Dept.

Seems HPCL has done its home work and is ready for a plunge in the open market. Get ready to catch the splash.