State run oil marketing companies (OMCs) i.e., Bharat Petroleum Corporation (BPCL), Hindustan Petroleum Corporation (HPCL) and Indian Oil Corporation (IOC) have signed a Memorandum of Understanding (MoU) with Saudi Aramco to jointly develop and build the integrated refinery and petrochemicals complex at Ratnagiri in the state of Maharashtra through a Joint Venture (JV) named Ratnagiri Refinery & Petrochemicals (RRPCL).
The partnership would bring together the crude supply, resources, technologies, experiences, and expertise of these multiple oil companies with an established commercial presence around the world. Saudi Aramco may also bring in a strategic partner to co-invest in the project.
The MOU would provide for the joint ownership, control and management of the refinery project. The refinery, which will be capable of processing 1.2 million barrels of crude oil per day, (i.e. 60 MMTPA) of which some will be Arabian crude, will produce a range of refined petroleum products, including Motor Spirit and Diesel, which will meet Euro VI fuel specifications. It will also provide feedstock for the integrated petrochemical complex, which will be capable of producing around 18 million tons per annum of petrochemical products. The project would rank among the world's largest refining and petrochemicals projects and will be designed to meet India's fast-growing fuels and petrochemicals demand.
BPCL is into exploration, production and retailing of petroleum and petrol related products. The retail business unit of BPCL is into marketing of petrol, diesel and kerosene.
