Aramco will stay committed to Ratnagiri project

Aramco will stay committed to Ratnagiri project

Saudi Aramco will stay committed to the mega Ratnagiri refinery project despite its interest in Reliance Industries’ refining and petrochemicals business where it is reportedly eyeing a 25 per cent stake.

Aramco, along with its West Asia counterpart, Adnoc (Abu Dhabi National Oil Company), will jointly hold 50 per cent in the Ratnagiri refinery where the other stakeholders are IndianOil, Bharat Petroleum Corporation and Hindustan Petroleum Corporation.

“Aramco’s keenness to invest in Reliance Industries’ refining business has been doing the rounds for a while now and will not impact its plans for Ratnagiri,” said a top industry source.

The West Asia oil company is apparently bullish on India and this explains why it is open to the idea of taking stakes in more than one project. Read More

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