Company being set up for Ratnagiri refinery

IOC, HPCL, BPCL are in process of registering a firm to execute $40-bn refinery project

Indian Oil Corporation (IOC), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL) are set to form a company, Western India Refineries and Petrochemicals, in a month to execute a $40-billion refinery project in Maharashtra. “We are in the process of registering the company. We have applied with the Registrar of Companies. It may be in place within a month,” an executive with one of the oil marketing companies told Business Standard.
 
The three companies had in June signed a joint venture agreement for setting up a 60 million tonne refinery-cum-petrochemicals complex at Babulwadi, a village in Maharashtra’s Ratnagiri