New Delhi (Sputnik) — The Indian Oil Corporation (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) will build the complex with IOC hold the 50 percent stake in the west coast refinery project while HPCL and BPCL will own 25 percent each.
"It will be a green refinery comprising 50 units designed to operate at the highest level of efficiency, and will be self-sufficient in power and utilities requirements, besides creating a benchmark in environment management," an IOC official said.
"It (west coast project) will also be able to produce on-demand product mix of petrol and diesel streams, as well as other refined products and petrochemical streams with the highest level of integration and energy efficiency," IOC said in a statement. London-based IHS has been entrusted with the market study for the chemicals and petrochemicals to be produced at the complex.
Earlier this year, Aramco of Saudi Arabia and Shell had expressed their interest in storing crude oil in the strategic petroleum reserve facilities. India needs to import 80 percent of the total oil requirement of the country.