Indian Oil Corporation (IOC) has inked an agreement with Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) to jointly set up the world’s largest refinery and petrochemical complex at Ratnagiri district of Maharashtra at a cost of $40 billion. IOC will be the lead partner with 50% stake, while HPCL and BPCL will take 25% stake each.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.