IOC, BPC and HPC sign joint venture agreement for West Coast Refinery Project

Sarkaritel
By Sarkaritel June 16, 2017 09:52

IOC, BPC and HPC sign joint venture agreement for West Coast Refinery Project


New Delhi, 16th June 2017: India’s emergence as a global refining hub received a big boost with the three downstream PSU oil majors, Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, joining hands to build one of the world’s largest integrated Refinery-cum-Petrochemicals complexes in Ratnagiri district of Maharashtra.

The joint venture agreement for the West Coast Refinery Project was signed in New Delhi on June 14, 2017 in the presence of Mr. Dharmendra Pradhan, Minister of State (Independent Charge), Petroleum & Natural Gas; and Mr. KD Tripathi, Secretary, Petroleum; by Mr. Sanjiv Singh, Chairman, IndianOil; Mr. D Rajkumar, CMD, Bharat Petroleum; and Mr. MK Surana, Chairman, Hindustan Petroleum.

Addressing the gathering on the occasion, the Hon’ble Minister said, “India’s refining prowess and potential is recognised globally and the upcoming West Coast Refinery is a testimony to that, being planned as the single biggest green-field refinery complex in the world. The mega joint venture happening for the first time in India will showcase the collective R&D strengths and technical expertise of IndianOil, BPC and HPC. Built at a cost of Rs. 3 lakh crore, the refinery will help India influence the ever-changing market dynamics of the oil industry and we hope to drive international markets to become more competitive for the benefit of our citizens and our neighbours.”

Backed by the best technological practices & project management, the West Coast Refinery will have substantive impact on world energy dynamics, Mr. Pradhan said. Speaking of the initiative spearheaded by the Ministry of Petroleum & Natural Gas, he said, “Our endeavour has been and shall remain to provide the citizens of India access to affordable sources of energy and every step we take is directed towards that goal.”

Sarkaritel
By Sarkaritel June 16, 2017 09:52