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IOC, BPCL, HPCL sign agreements to set world’s largest refinery in Maharashtra : Current Affairs, News

IOC, BPCL, HPCL sign arrangements to set world’s largest refinery in Maharashtra

Here’s all you have to understand about the world’s largest oil refinery and petrochemical complex that will be established in India.

Representational image Representational image The general public Sector Oil Marketing Companies, Indian Oil, Bharat Petroleum and Hindustan Petroleum have actually signed the joint venture contract to jointly set up the world’s biggest refinery and petrochemical complex in Ratnagiri district of Maharashtra.Here’s all you need

to understand about the endeavor: Indian Oil Corp (IOC)will hold

  • 50 per cent stake The Hindustan Petroleum Corp Ltd (HPCL
  • )and Bharat Petroleum Corp Ltd (BPCL) will each hold a stake of 25 per cent each The refinery is expected to be set up at
  • an estimated expense of Rs 3 lakh crore It is expected that the complex will be completed by 2022 The brand-new refinery complex will have a refining capacity of 60 million tonnes The complex would show up at Babulwadi, Rajpur in Ratnagiri district of Maharashtra, situated really close to the West Coast Being on the West Coast will help in quickly courcing the crude oil from the Middle-East, Africa and South America The refinery complex will have three unrefined systems of 20 million tonnes each The refinery will produce fuel, diesel, LPG, ATF and feedstock for making petrochemicals The complex will likewise have an accompanying mega petrochemical plant which will include an aromatic complex, naptha cracker and polymer complex Background: India is world’s third largest customer of energy after US and China The per-capita energy consumption in the nation is one-fourth of the world average Nevertheless, according to the International Energy Agency (EA), the domestic oil need in India will increase to 458 million tonnes by 2040 Versus this, the domestic
    • refining capacity remains 230-235 million tonnes, which surpasses the need of
    • 194.2 million tonnes in 2016-17 fiscal The brand-new refinery complex is being established keeping in mind the future fuel need and the export potential of the country Currently, IOC has 11 refineries with an overall capacity of 81.2 million tonnes BPCL has
    • 4 refineries with an overall capacity of 33.4 million tonnes HPCL has 3 refineries with an overall capacity of 24.8 million tonnes

      Source

      http://indiatoday.intoday.in/story/worlds-largest-oil-refinery-in-india/1/980490.html

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