Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) signed a Memorandum of Understanding (MoU) to jointly develop and build an integrated refinery and petrochemicals complex in Ratnagiri, Maharashtra. The project will be implemented by Ratnagiri Refinery & Petrochemicals Ltd. (RRPCL), who will also have 50 percent share on both these.
The project will be set up as a 50:50 joint partnership between the consortium from India and Saudi Aramco and ADNOC. This will be single largest overseas investment in the Indian refining sector. Of this 50 percent Indian shares, 25 percent will go to IOC, while BPCL and HPCL will have 12.5 percent shares each.
The MoU was signed in presence of His Highness Sheikh Abdullah bin Zayed bin Sultan Al Nahyan, UAE Minister of Foreign Affairs and International Cooperation and Dharmendra Pradhan, Minister of Petroleum and Natural Gas & Skill Development & Entrepreneurship, Government of India.
The mega refinery will be capable of processing 1.2 million barrels of crude oil per day (60 million metric tonnes per annum). It will produce a range of refined petroleum products, including petrol and diesel meeting BS-VI fuel efficiency norms. The Refinery will also provide feedstock for the integrated petrochemicals complex, which will have the capacity of producing approx. 18 million tonnes per annum of petrochemical products.
RRPCL, a JVC, was formed on September 22, 2017, is promoted by a consortium of India PSUs consisting of IOCL, BPCL and HPCL. IOCL, BPCL& HPCL had an equity participation of 50:25:25 respectively.
The strategic partnership brings together crude supply, resources, technologies, experience and expertise of these multiple oil companies with an established commercial presence around the world.