Saudi Aramco will build $44 billion 'mega refinery' in India


Speaking on the sidelines of the International Energy Forum, a gathering of oil producers and consumers, Saudi Oil Minister Khalid al-Falih said the OPEC kingpin is trying to ensure that there is a close match of supply and demand "so that markets are not anxious about gluts and over-supply and continued investment will flow into the industry".

Aramco, the most valuable energy company in the world, will hold the majority stake of 62.5 per cent to Total's 37.5 per cent.

According to him, his company is considering increasing the capacity of 603,000 barrels per day to the refinery to 1.0-1.5 million barrels per day, which will make it the largest in the world.

Saudi's petrochemical company SABIC is also keen to invest in a cracker and other facilities inIndia, he said.

"The air force announced the execution of air strikes with the Qasef-1 aircraft on Aramco in Jizan (province)", the channel said on its Twitter account, referring to a drone the Houthis unveiled past year. "The whole world is witnessing a change in India with transparency and easing of doing business".

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Khalid Al-Falih is the minister of energy, industry and mineral resources in Saudi Arabia. "Aramco will not stop discussing other opportunities because we see India as a priority destination for our investment and energy supplies", he said. "We are very respectful of the regulatory environment and we would work closely with the government to ease the introduction of Saudi Aramco into the retail sectors", he said. "We want to be consumer facing", he said.

Chinese customs data showed imports from Saudi Arabia rose only 2.3 percent on 2017 from the previous year, below the overall increase of 10.2 percent.

Apart from refining and petrochemical facilities, the scheme will also have provisions for logistics, crude oil and product storage terminals, raw water supply as well as centralised and shared utilities. 18 million tonnes per annum of petrochemical products.

The forum is being attended by prominent local and global figures, including researchers and specialists as well as students and private and governmental bodies associated with geographical information systems, it said.

The Ratnagiri complex "will rank among the largest world refining and petrochemicals projects and will be created to meet India's fast-growing fuels and petrochemicals demand". (RRPCL) for an estimated $44 billion mega refinery and petrochemicals complex on India's west coast.