Petromin and HPCL to Invest $700 Million in Fuel Stations and EV Infrastructure

21 Sep 2023 , 01:47 PM

Petromin Corporation from Saudi Arabia and India’s Hindustan Petroleum Corporation Ltd (HPCL) plan to invest $700 million in various ventures over the next five years. Petromin Express India, a Petromin subsidiary, and HPCL will jointly invest $100 million to establish approximately 1,000 vehicle service centers within HPCL retail outlets across India.

An additional $100 million will be invested to set up and operate about 5,000 electric vehicle (EV) charging units at HPCL-operated stations across India. The companies will also invest $500 million to operate up to 500 fuel stations in Saudi Arabia, Middle East, and Africa. The collaboration will be structured as a joint venture in compliance with local laws and regulations, as stated in their joint statement.

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