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The proposed mega public sector refinery on the western coast will need around 15,000 acres of land in Maharashtra, Dharmendra Pradhan, Minister for Petroleum and Natural Gas, said. “IOC, Bharat Petroleum and Hindustan Petroleum will come together to set up the mega refinery in Maharashtra,” Pradhan told reporters at the 150th foundation day of Balmer Lawrie here.
The Maharashtra government was in the process of deciding the location, Pradhan said. Out of 15,000 acres, 33 per cent will be reserved for green cover. He indicated that a set of fiscal concessions will be offered by Maharashtra. Besides IOC, BPCL and HPCL, another investor might also pick up stake at a later stage. The quantum of investment and capacity will be decided after completion of the techno-economic feasibility study.
Speaking about savings from low crude prices, he said that 55 per cent of the saved amount was being passed on to consumers. The balance was being used in building roads and devolution of funds to States, on recommendations of 14th Finance Commission, he said.
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