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

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).

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