World’s largest refinery was signed among three India state-owned oil firms IOC, BPCL and HPCL.

Highlights:

  • A historic agreement to set up world’s largest refinery was signed on 14 June 2017 between three India state-owned oil firms IOC, BPCL and HPCL.
  • This $30-billion refinery will be established at Ratnagiri ,Maharashtra.
  • This proposed refinery will also be world’s largest refinery.
  • 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. 
  • It is worth mentioning that Reliance Industries Limited (RIL’s) Jamnagar Refinery (Gujarat) is at present world’s largest refinery.
  • Indian Oil Corp (IOC) will be the lead partner with 50% stake while Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) will take 25% stake each. 
  • The refinery and the accompanying mega petrochemical complex will be set up in two phases. Phase-1 will be 40 million tonnes together with an aromatic complex, naphtha cracker and polymer complex.
  • The refinery will produce petrol, diesel, LPG, ATF and feedstock for making petrochemicals that are basic building blocks in plastic, chemical and textile industries.