Indian government-owned oil PSUs have announced the plan to jointly set up an integrated refinery-cum-petrochemical complex with a refining capacity of 60 MMTPA (million metric tonnes per annum) in two phases in Maharashtra.
The oil PSUs include Indian Oil Corporation (IOCL), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL). Engineers India (EIL) is carrying out detailed feasibility study. The oil PSUs and EIL are in the process of site selection for the refinery in consultation with the Government of Maharashtra.
The oil companies will take a decision on the equity structure and financing of the project depending on various financial and operational parameters.
The estimated expenditure and other details of the project are set to be finalised after the completion of detailed feasibility study and selection of site. The implementation time for the proposed refinery is estimated to be seven years after acquisition of land.
The announcement of setting up the largest refinery in Maharashtra was first made in December last year. The latest development includes Petroleum Minister, Dharmendra Pradhan’s written reply in the Lok Sabha yesterday informing about the plan to set up the refinery.