Construction work for $40-billion refinery at Ratnagiri to start by January 2020

By: |
Mumbai | Published: January 13, 2019 2:48:49 AM

The facility, which requires 15,000 acres of land, was to be commissioned by 2022 as per the original schedule.

The proposed 60-million-tonnes-per-annum refinery, touted to be the world’s largest, is being set up as a joint venture among India’s state-run oil companies and West Asian national oil companies. (Representational photo: Reuters)

Construction work for the proposed $40-billion mega refinery-cum-petrochemical complex at Maharashtra’s Babulwadi, long delayed due to land acquisition hurdles and opposition by the Shiv Sena, will begin from January 2020 and the facility will be commissioned in another five years, B Ashok, CEO of Ratnagiri Refinery & Petrochemicals (RRPCL), told reporters on Saturday.

Even as a stay effected by the state government on the land acquisition process is yet to be vacated, Ashok said around 30-40% of locals have consented to hand over their land and others could be convinced soon. “The state government is working on acquiring the land and we are hopeful of starting the physical work on the site from January 2020,” he said.

The proposed 60-million-tonnes-per-annum refinery, touted to be the world’s largest, is being set up as a joint venture among India’s state-run oil companies (IOC, BPCL, HPCL) and West Asian national oil companies—Saudi Aramco and Abu Dhabi National Oil Company (ADNOC). The facility, which requires 15,000 acres of land, was to be commissioned by 2022 as per the original schedule.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition