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The Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corp have signed an agreement for building India’s biggest oil refinery at a cost of USD 30 billion on the west coast.
According to the officials, the pact has been signed by the three firms for the 60-million tonne a year refinery in Maharashtra with IOC as leader of the consortium.
The IOC will be holding a 50 percent stake in the project whereas BPCL and HPCL will be having 25 percent each.
