Saudi Aramco, the world’s largest oil producer, will hold an equal stake in the planned $44-billion refinery-cum-petrochemical project in Maharashtra, Ram Gopal, director of refineries at Indian Oil said.
Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation plan to jointly set up one of the largest petrochemical projects in the world on the West coast of India, to cater to the country’s growing fuels and petrochemical requirements.
India has a refining capacity of 232.066 million tonnes, which exceeded the demand of 194.2 million tonnes in 2016-17 fiscal. According to the International Energy Agency (EA), this demand is expected to reach 458 million tonnes by 2040.
Aramco is looking to lock in customers in the world’s third-largest oil consumer through the investment. Saudi Arabia was the biggest oil supplier to India till 2016-17 fiscal year but slipped behind Iraq last fiscal. It had supplied 39.5 million tonnes of crude oil to India in 2016-17, ahead of 37.5 million tonnes by Iraq. Read More
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