Saudi Aramco and a consortium of Indian oil companies have signed a MoU to develop and build an integrated mega refinery and petrochemicals complex in Maharashtra, India.
The strategic partnership which includes Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation, brings together crude supply, resources, technologies and expertise from multiple oil companies.
A pre-feasibility study for the refinery has been completed and the parties are finalising the project's overall configuration. They will also discuss the formation of a joint venture.
The refinery will be capable of processing 1.2 million barrels of crude oil per day and will produce a range of refined petroleum products. The refinery will also provide feedstock for the integrated petrochemical complex.
The project – Ratnagiri Refinery and Petrochemicals - will also include a cracker, downstream petrochemical facilities, logistics, crude oil and product storage terminals as well as associated infrastructure.
It is estimated to cost $44 billion.
Saudi Aramco president and CEO Amin Nasser says: 'Investing in India is a key part of our company's global downstream strategy, and another milestone in our growing relationship with India. Participating in this mega project will allow Saudi Aramco to go beyond our crude oil supplier role to a fully integrated position that may help usher in other area's of collaboration, such as refining, marketing and petrochemicals for India's future energy demands.'
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