Indian Oil Corp. Ltd (IOC), Bharat Petroleum Corp., Ltd (BPCL), Hindustan Petroleum Corp Ltd. (HPCL) joint venture (JV) plan to set up a new refinery-cum-petrochemical facility at Maharashtra’s Babulwadi.
The joint venture, which also includes rivals, Saudi Aramco and Abu Dhabi National Oil Company (ADNOC), noted that the proposed 60 million tonnes per annum refinery will cost around $40 billion in investments.
The companies also said that the government is working on acquiring the land and the physical work on the site will start in January 2020.
The facility, which requires 15,000 acres of land, was to be set up by 2022 as per the original schedule and is now commissioned in another five years.