The state owned oil firms IOC, BPCL and HPCL have signed an agreement for jointly setting up the world’s largest refinery and petrochemical complex at Ratnagiri district of Maharashtra at a cost of USD 40 billion.

Sanjiv Singh, IOC Chairman has said that Indian Oil Corp (IOC) will be the lead partner with 50 percent stake while Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) will take 25 percent stake each.

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