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IOC, BPCL, HPCL sign agreement to set up $30 bn refinery

Entire refinery will include 3 crude units of 20 mt each, first of these will be part of phase-1

Press Trust of India  |  New Delhi 

State-owned oil firms IOC, BPCL and HPCL on Wednesday signed an agreement to jointly set up India's biggest refinery at Ratnagiri district of Maharashtra at a cost of $30 billion or Rs two lakh crore. Indian Oil Corp (IOC) will be the lead partner with 50 per cent stake while Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) will take 25 per cent stake each. The three oil refining and marketing companies signed the joint venture agreement here this evening. The pact was signed by IOC Chairman Sanjiv Singh, HPCL Chairman and Managing Director Mukesh Kumar ...

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First Published: Thu, June 15 2017. 00:56 IST
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