There is still hope for the world's largest oil refinery, which India plans to build in Maharashtra, which has been mired in politics and opposition for several years.

A few days ago, Prime Minister Narendra Modi and Saudi Crown Prince Mohammed Bin Salman agreed to form a joint task team to expedite the project.

It followed another large-scale cooperative initiative unveiled at the G20 Summit, the India-Middle East-Europe Economic Corridor.

To be set up at a cost of Rs 3 lakh crore, Ratnagiri Refinery and Petrochemicals Limited (RRPCL) is a joint venture company, formed in 2017, by the three national oil companies of India, Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) with equity participation of 50:25:25.

It proposes to implement an integrated refinery and petrochemicals complex on the west coast in Maharashtra.