Saudi Aramco enters agreement to build mega refinery in India

by Antonio Miles April 13, 2018, 2:32
Saudi Aramco enters agreement to build mega refinery in India

Saudi Arabia and the Indian consortium known as Ratnagiri Refinery & Petrochemicals, will each hold a 50 percent stake in the venture. According to reports, a deal has been signed between Saudi Aramco with a consortium of Indian refiners to build a refinery and petrochemicals project in Maharashtra along India's west coast. He expects the project cost of $44 billion to come down in future as financial credit rating of Aramco is very good.

Saudi Arabia has been edged out as the top oil supplier to India amid an intensifying race among producers to retain their most-prized markets. The company is working with Exxon Mobil Chemical Co.to build the world's largest ethane cracker as part of a massive $10 billion petrochemical complex near Corpus Christi. 18 million tonnes per annum of petrochemical products. The International Energy Agency anticipates that petrochemicals will account for a quarter of the growth in global oil consumption during the next five years as electric cars and renewables erode demand for gasoline.

"For more than 85 years the Kingdom of Saudi Arabia and the United States have enjoyed a mutually beneficial relationship based upon the strong legacy and longstanding foundation established by the leaders of both nations". The new facility will be integrated with an existing oil refinery-itself a joint venture between Aramco and Total.

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"Saudi Aramco is the only company that can undertake (a) project of this scale", company president Amin Nasser said in Delhi. Aramco is also carefully planning a huge stock market listing, ordered by Saudi Crown Prince Mohammed bin Salman, amid the turbulence of the world oil market. We're looking at ways of going beyond the 70% and adding more gas. In February, Chief Minister Devendra Fadnavis, too, had said that the project would be launched, but only after talks with all the stakeholders.

"The government has double standards and now stands exposed in front of the people of Konkan", Satyajit Chavan, Convener, Committee for Opposing Destructive Projects in Konkan told The Hindu. The Indian Oil Corp (IOC) set up the refinery on its own thereafter.

The kingdom this year introduced a value-added tax for the first time in its history, along with new fees on its sizeable expatriate workforce, and it is opening up the ultraconservative country to tourism.


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