Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corp today marked an agreement to set up India's biggest oil refinery at a cost of $30 billion on the west drift.
The three firms marked the settlement for the 60-million ton a year refinery in Maharashtra with IOC as pioneer of the consortium, authorities said. IOC will hold a 50 for every penny stake in the venture while BPCL and HPCL will have 25 for each penny each. The consortium assertion was marked on the sidelines of the Petrotech meeting here.
Oil Minister Dharmendra Pradhan said oil majors like Saudi Aramco of Saudi Arabia are occupied with taking a stake in the project, yet nothing has been settled up 'til now.
"There are different organizations likewise intrigued. We should perceive how talks advance," he said.The 60-million ton a year refinery and a uber petrochemical complex will be set up in two stages.
Stage 1 limit will be 40 mt together with a sweet-smelling complex, naphtha saltine unit and a polymer complex. This will cost Rs 1.2-1.5 lakh crore and will come up in 5-6 years from the date of land procurement.
The super complex will require 12,000-15,000 sections of land and two-three destinations on bank of Maharashtra are being investigated.
The second stage, including a 20-mt refinery, will cost Rs 50,000-60,000 crore.
IOC has been taking a gander at the west drift for a refinery as the organization thought that it was hard to take into account prerequisites in West and South with its refineries generally in the North.
HPCL and BPCL too have been taking a gander at a greater refinery in light of imperatives they confront at their Mumbai units.
The super west drift refinery will deliver petrol, diesel, LPG, ATF and feedstock for petrochemical plants in plastic, concoction and material ventures in Maharashtra. Fifteen-million ton a year is the greatest refinery any open division unit has set up at one phase. IOC as of late began its 15 mt unit at Paradip in Odisha.
Reliance Industries holds the qualification of building the biggest refinery in India till now. It constructed its first refinery at Jamnagar in Gujarat with a limit of 27 mt, which was along these lines extended to 33 mt. It has assembled another unit nearby it for fares, with a limit of 29 mt.
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