Bharat Petroleum Corporation ( BPCL ) and Oil India ( OIL ) signed a non-binding agreement on Tuesday to develop a refinery and a petrochemical complex at an investment of Rs 1 lakh crore in Andhra Pradesh.

BPCL also signed agreements with Numaligarh Refinery (NRL) and Oil India on a Rs 3,500-crore cross-country pipeline, and with Fertilisers and Chemicals Travancore (FACT) to market organic fertilisers from its Kochi biogas plant.

The proposed refinery, with a refining capacity of 9-12 million tonne per annum (MTPA), will be a cornerstone of India’s downstream expansion, BPCL said in a release.

Under the MoU, OIL could take a minority stake in the proposed joint venture. The project has already secured key statutory clearances and 6,000 acres of land from the Andhra Pradesh governm

See Full Page