years, during which the idea of setting up the 60 million tonnes refinery on the Maharashtra coast was conceived.
Indian Oil, Bharat Petroleum and Hindustan Petroleum Corporation Limited have come together to build a 60 million tonnes per annum refinery-cum-petrochemicals complex in Ratnagiri district at a cost of Rs 3 lakh crore. Indian Oil owns 50 percent while HPCL and BPCL have 25 percent each in the joint venture (JV) company - Ratnagiri Refinery and Petrochemicals Ltd (RRPL) - formed to set up the refinery. Oil giant Saudi Aramco is keen on investing in the proposed mega refinery and is and is in discussion with state oil firms for this.
"It will be a great project, and do wonder for the industry and the country," Ashok said. "Technical configurations are being finalised. And the process of land acquisition is underway."
The state government has identified the land in Babulwadi in Ratnagiri district for the project. A parcel of 14,000 acres would house the main refining complex and another 1,000 acres for storage and port facilities.
Ashok's first priority would be to build a team, finalise configuration, and and ensure smooth land acquisition for the project. Most hires for the joint venture company would come from outside Indian Oil, HPCL or BPCL, Ashok said. Once the technical configuration is finalised, the company would begin discussion on equipment and service supplies with vendors.
The refinery-cum-petrochemicals complex, expected to be ready by 2022, would produce Euro-VI grade transportation fuels. It will have the flexibility to process a wide spectrum of light and heavy crude oil grades.
The refinery is expected to meet future fuel demand increase in the country.