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Mega Refinery, Petrochemicals Hub Proposed In Maharashtra

Mumbai: The three state-owned oil advertising companies (OMCs) will come collectively to build a mega refinery and a petrochemical complicated somewhere on the 720km long coastline of Maharashtra in the following two years, oil minister Dharmendra Pradhan stated on Monday.

Citing a study conducted by the Worldwide Vitality Agency (IEA), a Paris-based autonomous body that monitors oil and gas supply and demand globally, Pradhan said India’s demand for petroleum merchandise will improve 3 times from now to succeed in 550 million tonnes per annum (mtpa) by 2040. “I take the accountability to set up one of India’s biggest refineries on the west coast of Maharashtra to meet a part of this enormous demand,” he stated.

The minister was addressing a gathering organized to inaugurate a new crude distillation unit at Bharat Petroleum Corp. Ltd (BPCL)’s 12 mtpa refinery at Mumbai.

Pradhan mentioned the refinery will likely be built in association with all the three state-owned oil marketing companies—Indian Oil Corp. Ltd (IOCL), BPCL and Hindustan Petroleum Corp. Ltd (HPCL). The development of the refinery will start by March 2017, he mentioned.

Maharashtra chief minister Devendra Fadnavis, who was additionally current at the occasion, promised quick-monitor approvals for the clearances required from the state and pledged to help the businesses in the land acquisition process as properly.

It’s the land acquisition course of that has been the most important impediment for a refinery in Maharashtra, which is residence to solely two refining complexes—a 12 mtpa BPCL one and an 8 mtpa HPCL one—located in Mumbai. For a very long time, HPCL had been making an attempt to amass land in the Ratnagiri district to set up a port-primarily based refinery but it failed to take action. The corporate later shifted the venture to Barmer, Rajasthan.

According to the oil ministry webpage and its statistical body, the Petroleum Planning and Analysis Cell (PPAC), India’s current refining capacity is near 220 mtpa, whereas the demand is at 165 mtpa. IOCL has probably the most refining capability at 74 mtpa (together with Paradip), while the very best single location capacity of 60 mtpa is owned by Reliance Industries Ltd (RIL) at Jamnagar, gasoila soft set Gujarat.

“India is at present surplus in refining capability and exports more than 50 mtpa of refined products. Coastal refinery initiatives assist in importing crude and exporting products and this deliberate refinery would strengthen India’s place as a refinery hub,” mentioned Debasish Mishra, companion at Deloitte Touche Tohmatsu India.

Whereas Pradhan didn’t elaborate on what the investment and the fairness construction of the brand new refinery might be, Mishra stated mega refineries normally have a capability of 15-20 mtpa or more with an integrated petrochemical complicated and can involve gasoila soft set investments in excess of $8-10 billion.

Mishra stated lots of the refineries in India are age-previous and require loads of funding to take care of efficient operations. It is time to retire a few of the refineries and arrange information ones with bigger capacities, he stated.

Each BPCL and HPCL have all the time cited paucity of land as the reason for his or her inability to increase the capacities of their refineries. Also, being in the heart of town, the refineries are seen as a supply of pollution.

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