Indian Oil Corporation (IOC), Hindustan Petroleum Corp (HPCL) and Bharat Petroleum (BPCL) 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 refinery-cum petrochemicals complex is designed to produce Euro-IV and above grade transportation fuels, the refinery will have in-built flexibility for processing a wide spectrum of light and heavy crude oil grades, utilizing various blending techniques. According to the MoU, Phase-1 of the project will cost between Rs. 1.2 lakh crore and Rs. 1.5 lakh crore. It is expected to come up in 5-6 years from the date of land acquisition. The first phase will be a 40 mt unit with an aromatic complex, naphtha cracker and polymer complex. Phase-2 of the project is expected to cost approximately Rs. 50,000 crore to Rs. 60,000 crore.
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