Ratnagiri refinery: US-based Jacobs to draw up configuration

The Ratnagiri Refinery & Petrochemicals Ltd (RRPCL) has mandated US-based consultant Jacobs Engineering Group Inc to draw up the configuration of the world’s largest integrated refinery-cum-petrochemicals complex it plans to build at Babulwadi near Rajapur in Maharashtra’s Ratnagiri district.

The 60-million tonnes a year refinery, estimated to cost ₹3 lakh crore ($50 billion), will be built by RRPCL, a joint venture comprising three State-run oil refiners — Indian Oil Corporation, Hindustan Petroleum Corporation, Bharat Petroleum Corporation — besides Saudi Aramco and Abu Dhabi National Oil Company (ADNOC).

“International consultant Jacobs is working on the configuration of the proposed refinery and petrochemicals complex,” BV Rama Gopal, Director (Refineries), Indian Oil Corporation, told BusinessLine.

The domestic refiners will have a 50 per cent stake in the project with IOCL holding 25 per cent equity, while HPCL and BPCL would take 12.5 per cent stake apiece. The balance 50 per cent will be held by Saudi Aramco and ADNOC in a proportion yet to be decided.

Despite the opposition to the project from political parties, the project will “definitely materialise”, says Rama Gopal.

“We are waiting for the land. Both, the Maharashtra government and the Union government are keen on this project. The Maharashtra government will acquire the land through Maharashtra Industrial Development Corporation (MIDC) and hand it over to us,” Gopal said.

Around 15,000 acres of land is required for the project.

Gopal said that the refinery promoters were hopeful of getting the entire land by March 2019 so that they could apply for environment clearance for the project. “All the work is waiting for the land to be allotted to us,” he said.