Two overseas oil giants - Saudi ARAMCO and Abu Dhabi National Oil Company (ADNOC)| have entered into an agreement to jointly develop and construct an integrated refinery and petrochemicals complex at Ratnagiri district in Maharashtra. The integrated refinery and petrochemicals project will be implemented by Ratnagiri Refinery & Petrochemicals (RRPCL). RRPCL is a joint venture company of IOCL, BPCL & HPCL with equity participation of 50:25:25 respectively. RRPCL was formed in September 2017 with an objective to construct a 60 MMTPA (1.2 MMBD) petrochemicals project at Ratnagiri.
Saudi ARAMCO, which was looking to expand its footprint in India, joined RRPCL by signing an memorandum of understating with the consortium (IOCL, BPCL & HPCL) at the 16 International Energy Forum Ministerial.
Now, with the entry of these two oil giants - Saudi ARAMCO and ADNOC – the projects will be 50:50 joint venture between the Indian consortium and the overseas players. The 50:50 joint venture will bring together expertise of all these oil giants to establish a commercial presence throughout the world. The refinery once completed will have a capacity of processing 1.2 million barrels of crude oil per day and will be producing a range of refined petroleum products.
@EPC World Media
