Saudi Keen To Have Stake In West Coast, Kakinada Project: Dharmendra Pradhan


Saudi Keen To Have Stake In West Coast, Kakinada Project: Dharmendra Pradhan

The world’s largest oil company Saudi Aramco is interested in acquiring a stake in India’s proposed Rs 1.8 lakh crore refinery in Maharashtra and a Rs 33,000-crore petrochemical complex in Andhra Pradesh, Oil Minister Dharmendra Pradhan said today.

After talks with Saudi Arabia’s Energy Minister Khalid A Al-Falih, he said the oil kingpin is also interested in partnering in the second phase of strategic oil reserves India plans to build shortly.

“We have moved beyond mere envisaging of interest and now modalities are being discussed,” he said without elaborating.

Besides Aramco, Abu Dhabi National Oil Co (ADNOC) has also showed interest in the world’s biggest refinery-cum-petrochemical complex that India plans to build in Maharashtra. State-run Indian Oil, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) are partners in the 60 million tonnes and adjacent petrochem complex.

In Kakinada, state-owned HPCL and GAIL India are looking at building a 1.5 million tonnes capacity petrochemical complex at the cost of Rs 33,000 crore.

“They are more than interested,” he said. Read More

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