Three public sector oil marketing companies namely Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum on 15 June 2017 signed the joint venture agreement to jointly set up the world’s largest refinery along with petrochemical complex in Ratnagiri district of Maharashtra.
The joint venture agreement was signed by IOC Chairman Sanjiv Singh, HPCL Chairman and Managing Director Mukesh Kumar Surana and BPCL Chairman and Managing Director D Rajkumar.
Highlights of the agreement
• Indian Oil Corp (IOC) will hold 50 per cent stake and the Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) will hold a stake of 25 per cent each in the refinery.
• The refinery complex will have an accompanying mega petrochemical plant which will include an aromatic complex, naphtha cracker and polymer complex.
• The refinery is expected to be set up at an estimated cost of Rs 3 lakh crore (USD 30 billion).
• The refinery will be set up in two phases. Phase-1 will have 40 million tonnes altogether with an estimated cost Rs 1.2-1.5 lakh crore with an aromatic complex, naphtha cracker and polymer complex.
• It will have a 60 million tonnes refining capacity and will have three crude units of 20 million tonnes each.
• The refinery will produce petrol, diesel, LPG, ATF and feedstock for making petrochemical.
• The refinery and complex is expected to be completed by 2022.
When: 15 June 2017