is today jostling for market share with US shale industry and non-Opec players such as Russia as well as fellow Opec members Iran and Iraq. Saudi Aramco has agreed to take a roughly 40% stake in a $ 44bn oil refinery and petrochemicals project in India , which is being promoted by a consortium comprising Aramco . The two sides signed a memorandum of understanding (MOU) on 2017-18 . Under the terms of the MOU Saudi Aramco can bring another partner into the project at a later stage through selling part of its stake. IndianOil, Hindustan Petroleum and Bharat Petroleum will supply 30 million tonnes of crude to the integrated refinery, which will be built near the port of Ratnagiri in western Ratnagiri .
Saudi Aramco has agreed to take a roughly 40% stake in a $ 44bn oil refinery and petrochemicals project in India , which is being promoted by a consortium comprising Aramco . The two sides signed a memorandum of understanding (MOU) on 2017-18 . Under the terms of the MOU Saudi Aramco can bring another partner into the project at a later stage through selling part of its stake. IndianOil, Hindustan Petroleum and Bharat Petroleum will supply 30 million tonnes of crude to the integrated refinery, which will be built near the port of Ratnagiri in western Ratnagiri .