The world’s largest oil producer Saudi Aramco on Wednesday signed a deal with India to take up 50 per cent stake in the Rs 3 trillion West Coast refinery. The company also offered an interest in foraying into petroleum retail business in India.
Saudi Aramco today signed a memorandum of understanding (MoU) with the three Indian oil marketing companies – Indian Oil (IOC), Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) – to develop and build the planned refinery and petrochemical complex called Ratnagiti Refinery and Petrochemicals (RRPCL) in Maharashtra.
According to sources, the 60 million tonne refinery is likely to be completed by 2025 and at a later stage Aramco can rope in other partners like Abu Dhabi National Oil Company (Adnoc) that have shown interest in becoming a part of the project.
“There will be two blocks of investors that include 50 per cent of Indian companies and the remaining by a block of foreign companies. Later, we can bring in other interested parties as part of the foreign block,” said Khalid Al Falih, minister of energy and mineral resources of Saudi Arabia. Read More
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