Tuesday, June 28th, 2022 01:57:24

IOC, BPCL, HPCL eye Rs 60k-cr refinery

Updated: February 12, 2016 1:17 pm

The three government oil marketing companies (OMCs) – Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL) – might jointly set up a mega refinery at Ratnagiri in coastal Maharashtra. According to informed sources, the refinery having a capacity of 30 million tonnes per annum (mtpa) would be set up at a cost of Rs 60,000 crore. Although Dharmendra Pradhan, minister for petroleum and natural gas, declined to divulge the details of the equity participation by the OMCs, sources said IOC could take a majority stake, as it is the largest refiner in the country and has more markets to feed.

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