New Delhi: India’s three public sector oil companies—Indian Oil Corp. Ltd (IOC), Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL)—on Wednesday signed an agreement to build one of the world’s largest integrated refinery-cum-petrochemicals complexes in Ratnagiri district of Maharashtra.

The 60 million metric tonnes per annum (MMTPA) west coast refinery-cum-petrochemicals complex will be built at an estimated cost of $40 billion, and is expected to be commissioned by the year 2022.

“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," said an official statement.

According to the statement, the refinery is designed to produce Euro-VI and above-grade transportation fuels and will have in-built flexibility for processing a wide spectrum of light and heavy crude oil grades, utilizing various blending techniques.

“It 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," the statement added.