Oil minister Dharmendra Pradhan with Saudi Aramco chairman Khalid A. Al-Falih at the 16th International Energy Forum on Wednesday in New Delhi. Photo: Ramesh Pathania/MintNew Delhi: The world’s biggest oil producer, Saudi Arabian Oil Co., or Saudi Aramco, will partner with a consortium of Indian state-run companies to set up the largest global refinery and petrochemical complex at Ratnagiri in Maharashtra at an investment of $44 billion. The equal joint venture between the Indian firms and Saudi Aramco will process 1.2 million barrels of crude oil per day and 18 mtpa of petrochemical products. Apart from investing in the project, Saudi Aramco will also supply crude oil to the project, ensuring supply security. In future, Saudi Aramco may also induct a strategic partner by divesting its 50% equity stake in the project.

Source: Mint April 11, 2018 11:03 UTC