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Global energy major BP recently joined hands with state-owned Hindustan Petroleum Corp Ltd (HPCL) to participate as an equal partner in a new refinery project at Bhatinda ,Punjab. John Manzoni, chief executive, refining and marketing, BP and Mahesh Behari Lal ,chairman,HPCL,signed the letter of intent in the presence of Petroleum Minister Mani Shankar Aiyar and John Browne ,group chief executive , BP, say media reports. "India is one of the fastest growing energy markets in the world, andwe have been evaluating, a range of potential areas where BP might become involved. This strategic partnership with HPCL marks a major step forward for us."said Browne. Both the companies hope to finalise an agreement to form a joint venture vehicle ( JV) within a month for strategic partnership in the refinery and later for marketing the refinery products under the HPCL brand in the domestic and export market.
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| Posted : 11/22/2005 |
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