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India, Saudi Aramco to partner on $44 billion refinery project

Staff Writer | April 11, 2018
Saudi Aramco signed an initial deal with a consortium of Indian refiners to build a $44 billion refinery and petrochemical project on India’s west coast.
Saudi Aramco
Oil production   1.2-million-barrels-per-day
Petrochemicals - a joint venture of Indian Oil, Hindustan Petroleum and Bharat Petroleum Corp - signed a memorandum of understanding to take equal stakes in the project in Maharashtra state.

The project includes a 1.2-million-barrels-per-day (bpd) refinery integrated with petrochemical facilities with a total capacity of 18 million tonnes per year, the officials said on the sidelines of the International Energy Forum.

Aramco, the world’s biggest oil producer, is expanding its footprint globally by signing new downstream deals and boosting the capacity of its existing plants ahead of an initial public offering that is expected later this or next year.

Days earlier, state oil giant Aramco sealed refining and petrochemicals deals worth about $20 billion in France and the United States.

The Indian 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.


 

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