India’s oil minister said that the country state-run refiners will jointly build one of the world’s biggest crude processing plant in the western state of Maharashtra.
Indian Oil Corporation will join hands with Bharat Petroleum Corp., Hindustan Petroleum Corp., and Engineers India Ltd to build the 60 million metric ton capacity refinery, Dharmendra Pradhan tweeted after a meeting with the Maharashtra state officials.
He said the refinery will be built in two phases and the first 40 million metric ton facility will cost 1 trillion rupees ($14.7 billion). India’s Reliance Industry currently runs the world’s biggest refinery.
The proposed refinery will produce petrol diesel, LPG, jet fuel and feedtock for petrochemical plants in Maharashtra. Land and other project details were being finalised by the state government and the ministry of pertroleum, Pradhan said.
According to the International Energy Agency (IEA), India will account for up to 25 percent of the global energy demand growth by 2040 when its oil demand is likely to touch 10 million barrels per day.