Saudi Aramco has agreed to take a 50% stake in a $44bn oil refinery and petrochemicals project in India, which is being promoted by a consortium comprising IndianOil, Hindustan Petroleum and Bharat Petroleum. The deal will see the Saudis, who have been investing heavily in India for years, taking over an existing plant at Surat that produces petrol and diesel. 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. Aramco will supply 30 million tonnes of crude to the integrated refinery, which will be built near the port of Ratnagiri in western India.
Saudi Aramco has agreed to take a 50% stake in a $44bn oil refinery and petrochemicals project in India, which is being promoted by a consortium comprising IndianOil, Hindustan Petroleum and Bharat Petroleum. The two sides signed a memorandum of understanding (MOU) on 11 April. 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. Aramco will supply 30 million tonnes of crude to the integrated refinery, which will be built near the port of Ratnagiri in western India.