HPCL is likely to raise Rs 270 billion for its Barmer refinery-cum-petrochemical project soon. The estimated cost of the project is Rs 431.12 billion. HPCL plans to raise Rs 270 billion through debt while the rest will be funded through equity. The preliminary work on the refinery has begun. HPCL holds a 74 per cent equity stake and the Rajasthan government holds a 26 per cent equity stake in the project. After obtaining approvals from the government for the project, HPCL will start raising funds from both domestic and international markets. The Rajasthan government and HPCL have entered into an MoU for setting up a 9 million tonne per annum (mtpa) capacity oil refinery-cum-petrochemical complex in Barmer district. Project construction will begin in 2017-18 and will be completed in four years.