Oil companies to invest Rs 1.5 lakh crore, build biggest refinery in India

New Delhi: Public sector oil firms — IOC, BPCL, HPCL and EIL — will invest Rs 1.5 lakh crore in setting India’s biggest refinery in Maharashtra on the west coast, oil minister Dharmendra Pradhan said.

In a twitter post, the minister said that the refinery to be built in two phases. The first phase with 40 million tonne capacity will have more than Rs 1 lakh crore investment — the largest ever in India. The second phase (20 million) will involve an expenditure of Rs 50,000 crore as per current estimates.

IOC has been looking at west coast for a refinery as catering to customers in West and South was difficult with its refineries mostly in the north.

Currently, RIL holds the distinction of building the biggest refinery in India. It first refinery at Jamnagar in Gujarat had a capacity of 27 million tonnes, which was later expanded to 33 million tonnes. It has built another unit for exports, with a capacity of 29 million tonnes.