State-owned Oil India Limited (OIL) on Tuesday announced the signing of two Memoranda of Understanding (MoUs) with Bharat Petroleum Corporation Limited (BPCL) and Numaligarh Refinery Limited (NRL) during the 28th Energy Technology Meet 2025 in Hyderabad, attended by Pankaj Jain, Secretary, Ministry of Petroleum and Natural Gas (MoPNG).

These collaborations mark key milestones in OIL’s integrated growth strategy across refining, petrochemicals, and logistics infrastructure, underscoring its commitment to a sustainable and self-reliant energy future for India.

OIL and BPCL have agreed to cooperate in developing BPCL’s upcoming greenfield refinery and petrochemical complex near Ramayapatnam Port in Andhra Pradesh’s Nellore district. The proposed facility will have a refining capacity of 9–12 million metric tonnes per annum (MMTPA) and an ethylene cracker unit of 1.5 MMTPA, representing an estimated investment of Rs 1 trillion (about USD 11 billion). The project is expected to begin commercial operations by FY2030.

Under the agreement, both companies will explore opportunities for collaboration, including the possibility of OIL taking a minority equity stake in the proposed joint venture. The project has already obtained major statutory approvals and 6,000 acres of land from the Government of Andhra Pradesh, with pre-project activities underway.

In another development, OIL, BPCL, and NRL signed a tripartite MoU to enable the evacuation of petroleum products following NRL’s expansion from 3 MMTPA to 9 MMTPA. The three entities will jointly explore the development of a cross-country petroleum product pipeline from Siliguri to Mughalsarai via Muzaffarpur, along with depot infrastructure upgrades. The estimated investment for this project is Rs 35 billion, with BPCL holding 50 per cent, and OIL and NRL holding 25 per cent each.

Dr Ranjit Rath, Chairman and Managing Director of OIL and Chairman of NRL, said, “This collaboration reaffirms our commitment to pursue strategic diversification initiatives across midstream and downstream segments. By partnering with BPCL, we aim to leverage collective strengths to enhance energy security and distribution infrastructure.”

Sanjay Khanna, Director (Refineries) and Acting Chairman and Managing Director of BPCL, added, “The Ramayapatnam project is a milestone in building world-class refining and petrochemical infrastructure in southern India. This partnership combines complementary strengths to create a sustainable and strategically vital project that supports India’s energy self-reliance under the Atmanirbhar Bharat vision.”

On the BSE, Oil India’s shares closed at Rs 413.10, down by Rs 9.60 or 2.27 per cent.