Indian Oil Corporation (IOC) CMD Sanjeev Singh said on Wednesday the west coast refinery project, in which Abu Dhabi National Oil Company and Saudi Aramco are to hold 25% stake each, is on track. “The project is relevant. In its absence, the country may not be able to meet its domestic requirements in the coming years, given the demand for refined and petchem products,” Singh told FE.
The deadline for commissioning of the $60-billion mega refinery has already been extended by three years to 2025 from 2022 due to land acquisition hurdles. Besides, the project cost has also risen from $44 billion at the time it was proposed to $60 billion. The land acquisition process for the world’s largest refinery-cum-petrochemical complex with a refining capacity of 60 million tonne per annum (MTPA) on India’s west coast has begun. The detailed project report is likely to be ready by end December. India’s state-run oil marketing companies — Indian Oil, BPCL and HPCL —will equally share a 50% stake in the joint venture.
