Indian Oil Corporation (IOC), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) have signed an agreement to jointly set up the country’s biggest refinery at Ratnagiri, Maharashtra.
The project will entail an investment of Rs two lakh crore. IOC will be the lead partner with 50 percent stake, while HPCL and BPCL each will have a 25 percent stake. The refinery will have a total capacity of 60 million tonne.
The refinery and the accompanying mega petrochemical complex will be set up in two phases. Phase-1, with an investment of Rs 1.2 to 1.5 lakh crore, will have a capacity of 40 million tonne alongwith an aromatic complex, naphtha cracker and polymer complex.
Phase-1 will be completed in approximately five to six years from the date of land acquisition and will be bigger than any one single unit.
The second phase will entail an investment of Rs 50,000 to Rs 60,000 crore.
The refinery will produce petrol, diesel, LPG, ATF and feedstock for making petrochemicals.