MOSCOW (MRC) -- Indian Oil Corp. Ltd. (IOCL), Bharat Petroleum Corp. Ltd. (BPCL) and Hindustan Petroleum Corp. Ltd. (HPCL) are planning to jointly establish a refinery and petrochemical complex in Maharashtra, India, according to local business reports citing Dharmendra Pradhan, Minister of State for Petroleum & Natural Gas, reported Apic-online.
Engineers India Ltd. is conducting a detailed feasibility study for the project, which would be undertaken in two phases and include a 60-million-t/y refinery.
IOCL, BPCL and HPCL, in consultation with the Maharashtra government, are in the process of selecting a site for the project.
Once the financial and operational parameters of the complex are determined, the three companies will make a decision on the project's equity structure and financing.
We remind that, as MRC wrote previously, Indian oil Corp Ltd (IOCL), India's largest refiner and oil marketing company, shut its HDPE unit at Panipat refinery in northern India on April 22, 2016. It remained shut for a brief maintenance turnaround until April 26, 2016. Located at Panipat in the northern Indian state of Haryana, the HDPE unit has a production capacity of 300,000 mt/year.
MRC