Saudi Aramco, Adnoc, IOCL, HPCL, BPCL backedrefinery likely to be shifted to Raigad

12-Jul-19

The US$44 billion refinery and petrochemicals project being implemented by Ratnagiri Refinery and Petrochemicals Ltd (RRPCL) may come up in Roha, a city in Raigad district of Maharashtra, as per sources in livemint.com.

RRPCL is a joint venture between Saudi Aramco, Abu Dhabi National Oil Company (Adnoc), and three state-run oil marketing companies, Indian Oil Corp. (IOCL), Hindustan Petroleum Corp. (HPCL) and Bharat Petroleum Corp. (BPCL). Saudi Aramco and Adnoc will jointly own 50% of the refinery, with the remaining 50% being owned by the Indian oil companies.

The land bank for the project could be around 10,000 acres.

The Ratnagiri refinery project, announced in December 2015, was to be commissioned by 2022, but delays in land acquisition pushed the deadline to 2025. The pre-feasibility study of the 60 mln tpa refinery has been completed. The refinery will be capable of processing 1.2 million barrels of crude oil and produce 18 million tpa of petrochemicals.

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