Oil and Gas Sector – HELP, Open Acreage Policy, etc.

[pib] MoU between Indian Consortium and Saudi Aramco


Note4Students

From UPSC perspective, the following things are important:

Prelims level: Ratnagiri Refinery

Mains level: Petroleum sector in India and future prospects


News:

  • An Indian Consortium consisting of IOCL, BPCL and HPCL and Saudi Aramco signed a Memorandum of Understanding (MoU) to jointly develop and build an integrated refinery and petrochemicals complex, Ratnagiri Refinery & Petrochemicals Ltd. (RRPCL) in the State of Maharashtra.
  • The strategic partnership brings together crude supply, resources, technologies, experience and expertise of these multiple oil companies with an established commercial presence around the world.
  • The refinery will be capable of processing 1.2 million barrels of crude oil per day (60 million metric tonnes per annum, or MMTPA).
  • It will produce a range of refined petroleum products, including petrol and diesel meeting BS-VI fuel efficiency norms. 
  • RRPCL will rank among the world’s largest refining & petrochemicals projects and will be designed to meet India’s fast-growing fuels and petrochemicals demand
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