Medicine

Saudi Aramco signs US$44bn MoU to build refinery in India

Saudi Aramco signs US$44bn MoU to build refinery in India

The deal was signed in the presence of India's oil minister Dharmendra Pradhan and Khalid al-Falih, Saudi Arabia's Minister of Energy, Industry and Mineral Resources. The announcement comes less than a year after Aramco paid $2.2 billion to Royal Dutch Shell Plc to gain sole control of the Port Arthur plant and some other Motiva assets the two companies controlled as part of a joint venture.

When completed, RRPCL will rank among the world's largest refining and petrochemical projects and will be created to meet India's fast-growing fuels and petrochemicals demand.

India is a priority destination for Saudi Arabia because of its geographical proximity with the Kingdom and it has a large population and a large economy, Al Falih said. 18 million tonnes per annum of petrochemical products.In addition to the refinery, cracker and downstream petrochemicals facilities, the project will also include the development of associated facilities such as a logistics, crude oil and product storage terminals, raw water supply project as well as centralised and shared utilities.

Saudi Aramco will supply at least 50 percent of the crude to be processed at the planned refinery, he said.

Aramco may take a 50 percent equity stake in the project and can bring in another strategic investor, the person said.

On the agreement with Total, Saudi Aramco said the move could help solidify a position in the Asian markets in particular. The company also offered an interest in foraying into petroleum retail business in India.

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The deals being sought are with state-owned and private refiners, Chief Executive Officer Amin Nasser told reporters in New Delhi on Wednesday.

India outlined plans in February to expand its refining capacity by 77 per cent to 8.8 million bpd by 2030.

Saudi Arabia's meager stock exchange hosts around 191 companies whose value totals roughly $500 billion, or a little more than half the value of Apple Inc.

Indian companies - Indian Oil, Hindustan Petroleum and Bharat Petroleum - have floated a joint-venture Ratnagiri Refinery & Petrochemicals (RRPL), to build the proposed refinery in the western state of Maharashtra.

It's likely to continue to surrender market share to rivals in China, and if Sinopec has no difficulty obtaining alternative supplies it undermines any narrative that oil markets are tight and prices should rise further. Reports say the deal has been done aiming to secure buyers.

Asked about Saudi Arabia and Russian Federation looking to extending a short-term pact to curb oil supplies with a view to check prices, he said, "We believe that whatever we are doing is part of long-term responsibility".


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