India to commission world’s largest green field refinery by 2022 at a cost of $40 billion

India to commission world’s largest green field refinery by 2022 at a cost of $40 billion

The three heavy-weights of the Indian downstream sector Indian Oil Corporation (IOC), Hindustan Petroleum Corp (HPCL) and Bharat Petroleum (BPCL) on Wednesday signed a Joint Venture (JV) agreement to create the world’s largest refinery-cum petrochemicals complex at Babulwadi, Taluka Rajpur in Ratnagiri district at the cost of $40 bn and a refining capacity of 60 million tonne per annum (MMTPA).

The signing of the Joint Venture agreement took place in the presence of Dharmendra Pradhan, Minister of Petroleum and Natural Gas. Speaking at the event the oil minister drew parallels of the growth of steel industry in China and how the country was able to dictate pricing of raw materials and steel products due to its capacity. Read More…

 

Credit By : ET EnergyWorld

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