(LiveMint)
The $44 billion refinery and petrochemicals project being implemented by Ratnagiri Refinery and Petrochemicals Ltd (RRPCL) may come up in Roha, a city in Raigad district of Maharashtra, according to two oil company executives aware of the development. “The refinery may come up in Roha. The companies involved have given their consent. The Maharashtra chief minister is likely to make a formal announcement next month,” said one of the officials cited above.
RRPCL is a joint venture between Saudi Aramco, Abu Dhabi National Oil Company (Adnoc), and three state-run oil marketing companies, Indian Oil Corp. (IOCL), Hindustan Petroleum Corp. (HPCL) and Bharat Petroleum Corp. (BPCL). Saudi Aramco and Adnoc will jointly own 50% of the refinery, with the remaining 50% being owned by the Indian oil companies. The land bank for the project could be around 10,000 acres.
“We are assuming that the Maharashtra Industrial Development Corporation has secured the land this time and the transfer process would be smooth. The land that has been acquired and is being acquired are different pieces of land,” said one of the officials mentioned above.
