NEW DELHI: An Indian Consortium consisting of IOCL, BPCL and HPCL and Saudi Aramco signed a Memorandum of Understanding (MoU) here on Wednesday to jointly develop and build an integrated refinery and petrochemicals complex, Ratnagiri Refinery & Petrochemicals Ltd. (RRPCL) in Maharashtra.
The strategic partnership brings together crude supply, resources, technologies, experience and expertise of these multiple oil companies with an established commercial presence around the world.
Following the signing of the MoU, the parties will extend their collaboration to discuss the formation of a joint venture that would provide for joint ownership, control and management of the project.
The refinery will be capable of processing 1.2 million barrels of crude oil per day. It will produce a range of refined petroleum products, including petrol and diesel meeting BS-VI fuel efficiency norms. The Refinery will also provide feedstock for the integrated petrochemicals complex, which will be capable of producing approximately. 18 million tonnes per annum of petrochemical products.
In addition to the refinery, cracker and downstream petrochemicals facilities, the project will also include the development of associated facilities such as a logistics, crude oil and product storage terminals, raw water supply project as well as centralised and shared utilities.
Petroleum Minister Dharmendra Pradhan said this project, with an estimated investment of over Rs. 3 lakh crore, would bring huge benefits to the country in terms of large-scale employment generation, direct and indirect, as well as all-round economic development of the region.