Integrated petrochemicals complex to come up in Ratnagiri

13 Apr '18

2 min read

An integrated refinery and petrochemicals complex is set to come up in Ratnagiri town of western Indian state of Maharashtra. An Indian consortium consisting of IOCL (IndianOil), BPCL (Bharat Petroleum) and HPCL (Hindustan Petroleum) and Saudi Aramco have signed a memorandum of understanding (MoU) to jointly develop and build the complex.

The strategic partnership for Ratnagiri Refinery & Petrochemicals Ltd. (RRPCL) brings together crude supply, resources, technologies, experience and expertise of multiple oil companies with an established commercial presence around the world, Indian ministry of petroleum and natural resources said in a statement.

A pre-feasibility study has been completed, and the parties are now finalising the project’s overall configuration. Following the signing of the MoU, the parties will extend their collaboration to discuss the formation of a joint venture that would provide for joint ownership, control and management of the project.

Besides processing 1.2 million barrels of crude oil per day, the refinery will provide feedstock for the integrated petrochemicals complex, which will be capable of producing approx. 18 million tonnes per annum of petrochemical products.

In addition to the refinery, cracker and downstream petrochemicals facilities, the project will also include the development of associated facilities such as a logistics, crude oil and product storage terminals, raw water supply project as well as centralised and shared utilities, the statement said.

The estimated project cost of RRPCL is around ₹3 lakh crore ($44 billion). On completion, it will rank among the world’s largest refining and petrochemicals projects and will be designed to meet India’s fast-growing fuels and petrochemicals demand. (RKS)

Fibre2Fashion News Desk – India

More Indian Oil Corporation News... More Textiles News - India...