Media ININ Economy We Trust
Media In / Riyadh 11 April 2018
Saudi Aramco signed a Memorandum of Understanding (MoU) with the Ratangiri Refining and Petrochemical Company Limited, a consortium of major Indian oil companies, the Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited.
The MoU envisages the development of a massive refinery and petrochemical complex in Ratangiri, on the west coast of India, and Saudi Aramco is likely to seek a strategic partner as an investor in the refinery.
This strategic partnership will combine the supply of crude oil with the resources, technologies, expertise and knowledge of signatory companies that have a commercial presence worldwide.
The preliminary feasibility study for the refinery has been completed, and all parties are working to finalize the overall composition of the project after the signing of the memorandum of understanding. The parties will also expand their cooperation to form a project that provides joint ownership, control and management of the project.
The refinery will be able to process 1.2 million barrels of crude oil per day and will provide a range of refined petroleum products, including gasoline and diesel, meet its European fuel efficiency standards. The refinery will also provide the integrated petrochemical complex with a production capacity of about 18 million tonnes per year Of petrochemical products, in addition to refinery, crushing units and petrochemical processing facilities, the project will include the development of facilities associated with the refinery, such as logistics facilities, crude oil and petroleum distribution terminal, water supply project, Approved by the central and shared benefits.
Once complete, the project will be classified as one of the world’s largest refineries and petrochemicals. It is designed to meet the growing demand for fuel and petrochemicals in India and is expected to cost about $ 44 billion.
