New Delhi, Oct. 28 -- State-run Bharat Petroleum Corp. is exploring to jointly develop its proposed greenfield refinery and petrochemical complex in Andhra Pradesh with public sector explorer Oil India Ltd.

The companies, as part of their memorandum of understanding (MoU), will also evaluate the possibility of Oil India (OIL) taking a minority equity stake in the proposed project, said a statement by Bharat Petroleum (BPCL) on Tuesday.

The proposed facility will have a refining capacity of 9-12 million metric tonnes per annum (mmtpa) and will entail an estimated investment of Rs.1 trillion ($11 billion). The project has already secured key statutory clearances and 6,000 acres of land near Ramayapatnam Port from the government of Andhra ...