Hyderabad: Bharat Petroleum Corporation Limited (BPCL) on Tuesday signed three Memoranda of Understanding (MoUs) with Oil India Limited (OIL) and Numaligarh Refinery Limited (NRL).
BPCL and OIL signed a non-binding MoU to explore collaboration in developing BPCL’s upcoming Greenfield Refinery and Petrochemical Complex near Ramayapatnam Port in Nellore district, Andhra Pradesh, a press release from BPCL said.
The proposed facility, with a refining capacity of 9-12 Million Metric Tonnes Per
Annum (MMTPA) and an estimated investment of Rs 1
lakh crore, will be a cornerstone of India’s downstream expansion.
Under the MoU, the companies will evaluate opportunities for collaboration, including the possibility of OIL taking a minority equity stake in the proposed joint venture.
In another major development, BPCL, OIL, and NRL signed a tripartite MoU to facilitate the efficient evacuation of petroleum products following NRL’s expansion from 3 MMTPA to 9 MMTPA.
The agreement covers the joint construction of a 700-km cross-country product pipeline from Siliguri to Mughalsarai via Muzaffarpur, with an estimated investment of Rs 3,500 crore.