IOC, BPCL, HPCL sign agreement to set World’s Largest Refinery
Posted on:15 Jun 2017 11:10:11
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15 June 2017 Current Affairs:
The Public Sector Oil Marketing Companies, Indian Oil, Bharat Petroleum and Hindustan Petroleum signed the joint venture agreement to jointly set up the world’s largest refinery and petrochemical complex in Ratnagiri district of Maharashtra.
Indian Oil Corporation (IOC) will hold 50% stake and the Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL) will each hold a stake of 25% each in the new complex.
The new complex will have a 60 million tons refining capacity.
The complex would come up at Babulwadi, Rajapur in Ratnagiri district of Maharashtra located very close to the West coast.
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