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Saudi Aramco, India sign MoU to develop mega refinery
(MENAFN) A memorandum of understanding has been signed by Saudi Aramco and Indian Ratnagiri Refinery and Petrochemicals for a mega refinery to be established in Maharashtra.
The USD44 billion project is to be developed with a capacity of 1.2 million barrels of crude oil per day, with including a petrochemical-producing complex that produces almost 18 million tons of petrochemicals per year.
Saudi Aramco President and CEO Amin Nasser stated "investing in India is a key part of our company's global downstream strategy and another milestone in our growing relationship with India."
He added "the signing marks a significant development in India's oil and gas sector, enabling a strategic joint venture and investment partnership that will serve India's fast-growing demand for transportation fuels and chemical products."
The USD44 billion project is to be developed with a capacity of 1.2 million barrels of crude oil per day, with including a petrochemical-producing complex that produces almost 18 million tons of petrochemicals per year.
Saudi Aramco President and CEO Amin Nasser stated "investing in India is a key part of our company's global downstream strategy and another milestone in our growing relationship with India."
He added "the signing marks a significant development in India's oil and gas sector, enabling a strategic joint venture and investment partnership that will serve India's fast-growing demand for transportation fuels and chemical products."
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