State-owned oil firms IOC, BPCL and HPCL today signed an agreement to jointly set up Indias biggest refinery at Ratnagiri district of Maharashtra at a cost of USD 30 billion or Rs 2 lakh crore. Indian Oil Corp (IOC) will be the lead partner with 50 per cent stake while Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) will take 25 per cent stake each. The three oil refining and marketing companies signed the joint venture agreement. The pact was signed by IOC Chairman Sanjiv Singh, HPCL Chairman and Managing Director Mukesh Kumar Surana and BPCL Chairman and Managing Director D Rajkumar. The 60 million tonnes capacity refinery at Babulwadi, Taluka Rajapur in Ratnagiri district is being set up keeping in mind the future fuel demand and the export potential of the country.
1.Indian Oil Corp (IOC) will be the lead partner with 50 per cent stake while Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) will take 25 per cent stake each.
2. The refinery complex will have an accompanying mega petrochemical plant which will include an aromatic complex, naphtha cracker and polymer complex.
3.The refinery and the accompanying mega petrochemical complex will be set up in two phases.
4. Phase-1 will be 40 million tonnes together with an aromatic complex, naphtha cracker and polymer complex.
5. The entire refinery will include three crude units of 20 million tonnes each — first of these will be part of phase-1. The second phase will cost Rs. 50,000-60,000 crore.
6. The refinery will produce petrol, diesel, LPG, ATF and feedstock for making petrochemical.
7. The refinery and complex is expected to be completed by 2022.