Saudi ARAMCO and ADNOC ink pact for India’s $44 bn refinery

The mega refinery will be capable of processing 1.2 million barrels of crude oil per day

GN Bureau | June 29, 2018


#Petrol   #HPCL   #BPCL   #Ratnagiri   #Maharashtra   #India   #Suadi Arabia   #PSU   #Diesel  

State owned Saudi Aramco and Abu Dhabi national oil company (ADNOC) have signed a pact to jointly build a $44 billion integrated refinery and petrochemicals complex at Ratnagiri in Maharashtra. The project will be executed by Ratnagiri Refinery & Petrochemicals Ltd. (RRPCL), promoted by a consortium of oil marketing companies-IOCL, BPCL and HPCL.

 
Earlier, Saudi Aramco had joined the project by signing a MoU with the Indian consortium on April 11, 2018 on the sidelines of the 16th International Energy Forum Ministerial. Saudi Aramco also sought to include another strategic partner to co-invest in the project as an overseas investor.
The mega refinery will be capable of processing 60 million metric tonnes of crude oil per annum. It will produce petroleum products, including petrol and diesel meeting BS VI emission norms. The refinery will also provide feedstock for the integrated petrochemicals complex, which will have the capacity of producing around 18 million tonnes per annum of petrochemical products.
 
RRPCL will now have Saudi Aramco and ADNOC as overseas strategic partners. The project will be built as a 50:50 joint partnership between the consortium from India and Saudi Aramco and ADNOC. It will be single largest overseas investment in the Indian refining sector.
The strategic partnership brings together crude supply, resources, technologies, experience and expertise of the consortium of oil companies with an established commercial presence around the world.
 
RRPCL will rank among the world’s largest refining and petrochemicals projects and will be designed to meet India’s fast-growing fuels and petrochemicals demand. The project cost is estimated at around Rs 3 lakh crore ($44 billion).
 

Comments

 

Other News

Fighting Covid-19, India has realized its collective strength: PM

In the face of the Covid-19 pandemic, people of India have realized their collective strength, prime minister Narendra Modi said in a short video message Friday morning. He also urged people to light lamps Sunday night as a gesture of this collectivity. “Today marks nine days of the na

COVID-19 demobilisation: Lessons for public governance

Demobilization, like its predecessor – demonetization, is another decision gone bad in implementation.  In both instances a careful public administrative action through its governance systems could have saved the magnitude of impact particularly on the most vulnerable sections of the society. Th

Don’t fear Corona, fight it

In a bid to break the “chain of transmission” of the deadly Covid-19, India, a country with more than 1.3 billion population, observed a voluntary ‘Janata Curfew’ on March 22. This has been followed by a 21-day, nationwide lockdown from March 24. Prime minister Narendra Modi also re

Sci-Tech Empowered Committee set up for COVID-19

To take speedy decisions on research and development for Sars-Cov-2 virus and COVID-19, the government has constituted a Science and Technology Empowered Committee. The committee, set up on March 29 and chaired by Niti Aayog member, professor Vinod Paul and professor K Vijay Raghavan, princi

Covid-19 and real estate: This could be last straw that broke camel’s back

Covid-19 may turn out to be the last straw that broke the camel’s back so far as the real estate sector is concerned. It broke out at a time when pundits were estimating the GDP to be hovering around 2.5% with unprecedent levels of unemployment. This itself was a good indicator that the real estate s

India ramps efforts as COVID-19 cases rise

As COVID -19 cases continue to rise amid a 21-day lockdown, the centre and the states are proactively taking measures to provide aid to the underprivileged and the needy during this unprecedented situation.         By Sunday morning, India had registered 27



Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter