Saudi Aramco, the world's largest oil producer, signed an agreement to take 50% stake in a planned $44bn refinery project in Maharashtra. It signed a MoU with IOC, BPCL and HPCL to develop and build the planned refinery and petrochemical complex called Ratnagiri Refinery and Petrochemicals (RRPCL) in Maharashtra, according to media reports.
The company will supply 50% of the crude oil required for processing at the refinery. Aramco may introduce at a later stage another strategic partner to share its 50% stake, the reports added. The company has also offered an interest in petroleum retail business in India. The refinery will be capable of processing 1.2 mn barrels of crude oil per day and will produce ~18 MT of petrochemical products per year.
The plant will be one of the largest refining and petrochemical complexes in the world, built to meet fast-growing fuel and petrochemicals demand in India and elsewhere, and providing a steady outlet for Saudi crude oil.