(LIveMint)
Indian Oil Corp. Ltd (IOCL), Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL) are preparing to receive investments from Saudi Aramco and Abu Dhabi National Oil Company (Adnoc) even as the state-run oil marketing companies await the Maharashtra government’s decision on providing a fresh patch of land for the $70 billion Ratnagiri Refinery and Petrochemicals Ltd project.
IOCL, BPCL and HPCL will invest a total of ₹100 crore to complete preliminary work on the project, following which they intend of make a presentation to Aramco and Adnoc. While IOCL will put in Rs.50 crore, BPCL and HPCL will contribute Rs.25 crore each, said a senior official from one of the oil marketing companies.
“We have completed the configuration study and are preparing the project report. Then, we will be able to arrive at a cost and decide how to fund the project,” said a senior official from one of the oil marketing companies. “We will be able to reach out to Aramco and Adnoc with a detailed plan.”
