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. “Phase-1 will be 40 million tons together with an aromatic complex, naphtha cracker and polymer complex,” Sanjiv Singh, Director (Refineries), IOC, told PTI in an interview. 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.