India's biggest oil refinery that state-run IOC, BPCL, HPCL and EIL plan to set up on the west coast will cost $30 billion or Rs. 2 lakh crore, a senior official said. The 60 million tonnes a year refinery and a mega petrochemical complex will be set up in two phases. "Phase-1 will be 40 million tonnes together with an aromatic complex, naphtha cracker and polymer complex," Sanjiv Singh, Director (Refineries), IOC, told PTI in an interview. Phase-1 will cost Rs. 1.2-1.5 lakh crore and will come up in five-six years from the date of land acquisition, he said. "The entire refinery will include three crude units of 20 million tonnes each - first of these will be part of phase-1. "The mega complex will require 12,000-15,000 acres of land and two-three sites on the coast of Maharashtra are being explored," he said. The second phase will cost Rs. 50,000-60,000 crore, he added. IOC has been looking at the west coast for a refinery as catering to customers in the West and South was difficult with its refineries mostly in the North.