IOC,HPCL,BPCL to set up biggest refinery

NewDelhi June 15: A good news for the Indian economy. Public sector oil firms IOC, BPCL, and HPCL yesterday signed an agreement to set up a plant at Ratnagiri district of Maharashtra. Indias biggest refinery will cost of Rs 2 lakh crore.

The companies have agreed to a partnership in the following ratio
IOC: 50 %
BPCL:25 %
HPCL :25 %
The agreement was signed by IOC Chairman Sanjiv Singh, HPCL Chairman Mukesh Kumar Surana, and BPCL Chairman D Rajkumar.

The capacity of the new refinery built will be of 60 million tons capacity. officials say that they have built the plant keeping in view of future fuel demand and the export potential of the country. The plant will be set up in 2 phases .