India: Downstream Production Joint Venture Agreement for India's West Coast Refinery Project
Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation agreed to jointly build one of the world's largest integrated Refinery-cum-Petrochemicals complexes in Ratnagiri district of Maharashtra.
New Delhi/India — According to Indian Oil, the 60 million metric tonnes per annum west coast refinery-cum-petrochemicals complex will cost $ 40 billion and is expected to be commissioned by the year 2022. It will be comprising 50 units designed to operate at the highest level of efficiency, the company announced, adding that it would be self-sufficient in power and utilities requirements.
Designed to produce Euro-VI and above grade transportation fuels, the refinery will have in-built flexibility for processing a wide spectrum of light and heavy crude oil grades, utilising various blending techniques. It will also be able to produce on-demand product mix of petrol and diesel streams, as well as other refined products and petrochemical streams.
The preliminary configuration study of the project is being carried out by Engineers India in association with an international consultant. IHS will conduct the market study for the chemicals and petrochemicals to be produced at the complex.
Apart from the main refinery-cum-petrochemicals complex, the viability of other associated industries in the vicinity of the project is also being examined.