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Saudi Aramco signs $44 billion mega deal for Indian refinery complex

Saudi Aramco signed a MOU with Ratnagiri Refinery and Petrochemicals (RRPCL).

Saudi Aramco signs $44 billion mega deal for Indian refinery complex


New Delhi, April 12 - Neftegaz.RU. Saudi Aramco announced a $44-billion deal to build a giant refinery complex at Ratnagiri, India with a consortium of Indian oil companies.

 

«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 areas of collaboration, such as refining, marketing, and petrochemicals for India's future energy demands,» said Saudi Aramco CEO Amin Nasser.

 

Saudi Aramco signed a deal on the sidelines the 16th International Energy Forum (IEF), inaugurated by PM Narendra Modi, with Ratnagiri Refinery and Petrochemicals (RRPCL) , an entity comprising of Indian companies including Indian Oil, Bharat Petroleum and Hindustan Petroleum.

 

The refinery will be capable of processing 1.2 million barrels of crude oil per day. It will produce a range of refined petroleum products, including gasoline and diesel, meeting BS-VI fuel efficiency norms. The refinery will also provide feedstock for the integrated petrochemical complex, which will be capable of producing approximately 18 million tons per annum of petrochemical production.

 

In addition to the refinery, cracker and downstream petrochemical facilities, the project will include associated facilities such as a logistics, crude oil and product storage terminals, raw water supply, as well as centralized and shared utilities.

 

Ratnagiri Refinery and Petrochemicals Ltd. (RRPCL) will rank among the largest world refining and petrochemicals projects and will be designed to meet India’s fast-growing fuels and petrochemicals demand. The project cost is estimated at around $44 billion.

 

Source : Neftegaz.RU