Oil India signed two landmark Memoranda of Understanding (MoUs) with Bharat Petroleum Corporation (BPCL) and Numaligarh Refinery (NRL).
OIL and BPCL signed a non-binding MoU to explore collaboration in developing BPCL's upcoming Greenfield Refinery and Petrochemical Complex near Ramayapatnam Port in Nellore district, Andhra Pradesh.
The proposed facility, with a refining capacity of 9–12 MMTPA (MMTPA) and a ethylene cracker unit of 1.5MMTPA, represents an estimated investment of ₹1 lakh crore (US$11 billion) and is anticipated to play a pivotal role in India's downstream sector expansion. The project is slated for commercial operations by FY 2030.
Under the MoU, the companies will evaluate opportunities for collaboration, including the possibility of OIL to take a minority equity stake in the proposed joint venture. The project has already secured key statutory clearances and 6,000 acres of land from the Government of Andhra Pradesh, with pre-project activities in progress.
In another major development, OIL, BPCL, and NRL signed a tripartite MoU to facilitate efficient evacuation of petroleum products following NRL's expansion from 3 MMTPA to 9 MMTPA.
Under this MoU, the three organisations will jointly explore the development of a cross-country petroleum product pipeline from Siliguri to Mughalsarai via Muzaffarpur and augmentation of Depo infrastructure with an estimated investment of ₹3,500 crore. The project will be jointly owned by BPCL (50%), OIL (25%) and NRL (25%).