The special purpose vehicle for the Rs 2 lakh crore Mega-West-Coast refinery on the Ratnagiri coast of Maharashtra is expected to be up and operative by the first week of August, while the land acquisition process has started around the Ratnagiri coast, said D Rajkumar, chairman and managing director of Bharat Petroleum Corporation. \u201cAfter signing the joint venture agreement between us (IOC-BPCL-HPCL) we are working on getting the JV, SPV into operation next, and expect by end of July or first week of August the JV company should be up and operative,\u201d Rajkumar said on the sidelines of an event in Mumbai. On June 14 the three joint venture partners\u2014IOC, HPCL and BPCL signed the joint venture agreements between them with IOC holding 50%, HPCL 25% and BPCL the remainder 25%. The joint venture would require around 10,000 acre to 15,000 acre of land for setting up 60 million tonne per annum refinery and a mega petrochemical complex. The refinery would require around 10,000 acre while the petrochemical complex would require 5,000 acre of land. \u201cOur location around Babulwadi has already been finalised and the activities related to land acquisition have started. The land is around 50-100 km from the coast. We will be acquiring the land through Maharashtra Industrial Development Corporation (MIDC) and the government of Maharashtra has been very co-operative,\u201d Rajkumar said. The 60 mtpa refinery is being set up to meet the future fuel demand and the export potential of the country. The demand for refined products is expected to cross 450 mtpa by 2040 from the existing 195 mtpa. India refines around 245 mtpa of crude from its various public and private sector refineries. The mega refinery and the petrochemical complex will be set up in two phases. Phase-1 will be 40 mtpa plant along with an aromatic complex, naphtha cracker and polymer complex as part of the petrochemical complex. The cost for setting up phase-1 would be somewhere between Rs 1.2-1.5 lakh crore and \u201cwill come up between 36 months to 48 months from the date of land acquisition and statutory clearances,\u201d Rajkumar said. The entire refinery will include three crude units of 20 million tonnes each \u2014 first of these will be part of phase-1. The second phase will cost Rs 50,000-60,000 crore.