Indianoil, BPCL & HPCL Signs MoU With Saudi Aramco For Ratnagiri Mega Refinery In Maharashtra
Indian Oil Corporation Limited (IndianOil) along with Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) had incorporated a Joint Venture Company named Ratnagiri Refinery & Petrochemicals Limited (RRPCL) to jointly develop and build an integrated refinery and petrochemicals complex at Ratnagiri in the state of Maharashtra. IndianOil, BPCL and HPCL have signed a Memorandum of Understanding (MOU) with Saudi Aramco, a leading global integrated energy and chemicals company in the Kingdom of Saudi Arabia, to jointly develop and build the said project. The partnership would bring together the crude supply, resources, technologies, experiences, and expertise of these multiple oil companies with an established commercial presence around the world. Saudi Aramco may also bring in a strategic partner to co-invest in the project.
The MOU would provide for the joint ownership, control and management of the refinery project. The refinery will be capable of processing 60 MMTPA Crude Oil i.e. 1.2 million barrels of crude oil per day (of which some will be Arabian crude) and produce a range of refined petroleum products, including Motor Spirit and Diesel, which will meet Euro VI fuel specifications. It will also provide feedstock for the integrated petrochemical complex, which will be capable of producing approximately 18 million tons per annum of petrochemical products. The project would rank among the world’s largest refining and petrochemicals projects and will be designed to meet India’s fast growing fuels and petrochemicals demand.