Mumbai, Aug 17 :     Hindustan Petroleum Corporation (HPCL) has expressed its reservations over the petroleum ministry?s move to push through a sweeping consolidation plan for oil companies. Taking a line which marks a significant departure from the government approach, HPCL reportedly feels it would be better to align stand-alone marketing company IBP with itself because the alignment of Cochin Refineries Ltd (CRL) and IBP with Bharat Petroleum Corporation (BPCL) has ?limited merit?. On the proposal to offload government?s stake in Madras Refineries (MRL) and Bongaigaon Refineries & Petrochemicals (BRPL) to Indian Oil Corporation (IOC), HPCL sources said implementing the suggestion will add to IOC?s size and strength. Industry sources said the acquisition of MRL and BRPL by IOC appears pragmatic given that the largest oil PSU does not have direct access to products in the south. However, HPCL is also learnt to have mooted a merger with BPCL to rival IOC, saying the alliance between two companies with similar retailing strengths would be the best bulwark against domination by a marketing colossus. The petroleum ministry has envisaged the sale of its stake in five oil companies to IOC and BPCL in line with the recommendations of the Nitish Sengupta Committee. Marketing major IBP is one of the companies in which the government stake is sought to be transferred to BPCL. However, industry sources say HPCL has made a case to the ministry for aligning the stand-alone marketing major with itself and argued it is a better proposition than the IBP-BPCL matchup. ?IBP needs a cash infusion of at least Rs 400 crore to set up modern retail outlets and strengthen its marketing infrastructure. HPCL will be able to pump the amount on its own,? the corporation is believed to have told the government. HPCL has contended that the alignment with IBP will give BPCL a larger market share. More important, BPCL would not be in a position to support the Calcutta-based marketing company in the north and the east, the two regions where IBP has a strong marketing infrastructure. Industry circles say HPCL needs to develop marketing infrastructure in the north?where it has a relatively smaller market slice of 15.6 per cent against its all-India share 20 per cent?to evacuate products from its Punjab refinery. Liquid cargo jetty Jawaharlal Nehru Port Trust (JNPT) and BPCL today signed an agreement to develop a liquid cargo jetty at Jawaharlal Nehru Port. Under the agreement, a liquid cargo jetty will be developed by BPCL and Indian Oil Corporation (IOC) on the build, operate and transfer (BOT) concept. The cost of the project including dredging, as well as laying of dock lines, will be around Rs 200 crore.