The three heavy-weights of the Indian downstream sector - Indian Oil Corporation (IOC), Hindustan Petroleum Corp (HPCL) and Bharat Petroleum (BPCL) - will sign an JV to create the world’s largest refinery-cum petrochemicals complexwith a refining capacity of 60 MMTPA.
India has sparse hydrocarbon resources, but is focussed on becoming a refining hub, currently having the fourth largest refining capacity in the world; the planned west coast refinery will propel India’s capacity to 294.5 MMTPA from 234.5 MMTPA currently.
IOC, HPCL and BPCL had in December announced their plan to jointly set up the integrated facility with a refining capacity of 60 MMTPA in 2 phases in Maharashtra. Engineers India Limited (EIL) is carrying out detailed feasibility study for the project.
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