India's biggest oil refinery to cost $30 bn, says IOC

India’s biggest oil refinery that state-run IOC, BPCL, HPCL and EIL plan to set up on the west coast will cost $30 billion or Rs 2 lakh crore, a senior official said.

“The 60 million tonnes a year refinery and a mega petrochemical complex will be set up in two phases. The phase-1 will be 40 million tonnes, together with an aromatic complex, naphtha cracker and polymer complex,” Sanjiv Singh, Director (Refineries), IOC, said.

The phase-1 will cost Rs 1.2-1.5 lakh crore and will come up in 5-6 years from the date of land acquisition, he said.

“The entire refinery will include three crude units of 20 million tonnes each — first of these will be part of phase-1. The mega complex will require 12,000-15,000 acres of land and 2-3 sites on the coast of Maharashtra are being explored,” he said, adding that the second phase will cost Rs 50,000-60,000 crore.

IOC has been looking at west coast for a refinery as catering to customers in the West and South was difficult with its refineries located mostly in the North. HPCL and BPCL have also been looking at a bigger refinery because of constraints they face at their Mumbai units.