What is the News ?

India and Saudi Arabia have recently decided to accelerate the progress of the $50 billion West Coast refinery project.

Facts About:

• The West Coast refinery project, also known as Ratnagiri Refinery and Petrochemicals Ltd. (RRPCL), was initially conceived in 2014.

          It is intended to be India's largest greenfield refinery, boasting a massive capacity of 60 million tonnes per annum.

          This project is set to become the world's largest integrated refinery and petrochemical facility.

• Location-wise, the project is planned to be situated on India's western coast, specifically in Ratnagiri, Maharashtra.
• Upon completion, the refinery is anticipated to produce approximately 1.2 million barrels of oil daily, in addition to various petroleum products generated by the attached petrochemical facilities.
• Three prominent government-owned enterprises in the Indian oil and gas sector came together to establish a joint venture named RRPCL.
• RRPCL is a joint venture in which India's three national oil companies, namely Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL), hold stakes of 50%, 25%, and 25%, respectively.
• In 2019, Saudi Aramco and the Abu Dhabi National Oil Company (ADNOC) also joined the project by acquiring a collective 50 percent stake.

           This investment is estimated to be valued at around Rs 3 lakh crore, covering the setup costs.