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

Non-vaccinated staff allowed mandatory rapid antigen tests

Maharashtra has modified guidelines on restrictions imposed to curb the spread of Covid-19, and put out clarifications on do Do’s and Don’ts to be followed under its ‘Break the Chain’ orders.   Starting Saturday, Rapid Antigen Tests are allowed for non-vaccinated

Probe agencies` credibility in doubt: Prithviraj Chavan

Raising concerns about the “leaks” of aspects of an ongoing investigation into incidents leading to political turmoil in Maharashtra, former chief minister and senior Congress leader Prithviraj Chavan has said the NIA is selectively leaking info on the case and it is a serious matter. &n

On vaccine shortage, Maharashtra hits back at centre

Maharashtra, suffering from a heavy number of fresh cases every day and complaining of vaccine shortage, has replied to the union health minister criticism and blamed the centre for the situation. “Union Health Minister Shri Harsh Vardhan ji needs to be reminded that Maharashtra tops t

Mumbai allows 24x7 delivery of essential services

Amid tighter movement restrictions as the city and the state continue to battle a consistently rising trajectory of fresh Covid-19 cases, Mumbai civic authorities on Thursday allowed 24-hour home deliveries of food and essential supplies through online service providers like Zomato and Swiggy on all days o

Maharashtra, centre trade charges as India reports highest ever cases

India recorded a new high of 1,15,736 daily Covid-19 cases with Maharashtra bearing nearly half of the load, as the state and the centre traded charges for the first time since the outbreak. State leaders sought to put part of the blame on the centre while union health minister Dr Harsh Vardhan slammed the

Deshmukh likely to challenge high court order in SC

Anil Deshmukh is reportedly considering approaching the supreme court Tuesday to challenge a Bombay high court order that had forced him to quit as home minister of Maharashtra a day earlier. Deshmukh tendered his resignation to governor Bhagat Singh Koshyari, citing moral grounds, after the

Visionary talk with Prithviraj Chavan, On the need for vaccination & Maha Political volcano



Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter