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Three state-run oil marketing companies (OMCs) on Wednesday formalised plans to set up one of the world's largest refinery-cum-petrochemicals complex -- West Coast Refinery Project -- located in the Ratnagiri district of Maharashtra.
The three state-owned OMCs -- Indian Oil, Bharat Petroleum Corporation and Hindustan Petroleum Corporation -- entered into a joint venture agreement for the creation of the proposed complex.
Last year, the government disclosed that the three OMCs will build a 60 million metric tonnes per annum (MMTPA) refinery along with a petrochemicals complex in Maharashtra.
In 2016, Petroleum and Natural Gas Minister Dharmendra Pradhan tweeted that the first phase of the complex will be built with an investment of more than Rs 1 lakh crore.
"The 60 MMTPA West Coast Refinery-cum-petrochemicals complex will be a state-of-the-art unit built at an estimated cost of $40 billion, and is expected to be commissioned by the year 2022," the Indian Oil Corporation said in a statement.
"It will be a green refinery comprising 50 units designed to operate at the highest level of efficiency, and will be self-sufficient in power and utilities requirements, besides creating a benchmark in environment management."
According to Indian Oil, the refinery along with a petrochemicals complex is designed to produce Euro-VI and above grade of transportation fuels.
"It will also be able to produce on-demand product mix of petrol and diesel streams, as well as other refined products and petrochemical streams with the highest level of integration and energy efficiency."
The OMC added that apart from the main refinery-cum-petrochemicals complex, the viability of other associated industries in the vicinity of the project is also being examined.