Saudi Aramco likely to have 20% stake in BPCL's Ramayapatnam refinery
The RcPC will be close to the Ramayapatnam seaport, which is in advanced stages of construction, for the sake of synergy and is being taken up in pursuance of the fledgeling trade between India and Saudi Arabia. It is one of the multiple projects in which Saudi Arabia is investing in India to the tune of about $100 billion.
Through the Government of India, the BPCL is said to be negotiating with Aramco for a long-term crude oil supply agreement for the RcPC at Ramayapatnam. The BPCL RcPC is intended to meet India's burgeoning energy demand, and the State government has agreed to provide 6,000 acres.
Being a massive project with a refining capacity of nine Million Metric Tons Per Annum (MMTPA) and entailing a capital expenditure of nearly ₹1 lakh crore, the RcPC is expected to take at least four years for commissioning once the requisite approvals are given.
The BPCL had sanctioned ₹6,100 crore for pre-project activities, which include various initial studies, identification of land and its acquisition, preparation of detailed feasibility report, environmental impact assessment, basic design engineering package and front-end engineering design.
The State government had offered three sites for the project, namely Machilipatnam, Ramayapatnam and Mulapeta in Srikakulam district and the BPCL zeroed in on Ramayapatnam due to its relatively superior logistics and multimodal connectivity. Depending on the market dynamics, the oil PSU may expand the capacity of the Ramayapatnam RcPC to 12 MMTPA.
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