 "Centre asks Maharashtra for 15,000 acres to set up mega refinery project")
The project will be a collaboration between Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum while Engineers India Ltd is the consultant for the project.
"We had very successful discussions with the Maharashtra government and hopefully, work will start soon", the minister said. Pradhan who was in the city to attend the 150th year of foundation day of Balmer Lawrie, said at a later date, the consultant company might pick up a stake in this project as well.
He said the investment of the project will be decided after the ongoing techno-economic feasibility study has been concluded. The project will have a refining capacity of 60 million tonnes.
The Maharashtra government will be deciding on the availability of the required land.
Asked about the savings as a result of lower crude prices, he said that 55 per cent of the saved amount is being passed onto the consumers.
"The balance is being used to build roads and related infrastructure as well as pass fiscal benefits to the states based on the recommendations of the 14th Finance Commission", Pradhan said.