Saudi Aramco have agreed to develop a giant refinery on India’s west coast with 3 state-owned Indian oil companies.
The refinery is located 215 miles south of Mumbai and will cost $44 billion to build and will be capable of processing 1.2 million barrels of crude oil per day, Aramco said in a statement.
The fast growing economy in India is increasing the demand for fuel and petrochemicals.
According to Aramco, the project “will rank among the largest world refining and petrochemicals projects”.
Saudi Aramco and the Indian consortium will own 50 per cent each of the project, said Dharmendra Pradhan in a statement, India’s energy minister. Saudi Aramco said they may bring in a partner to share their stake in the project.
This deal came in less than 24 hours after the Saudi Aramco signed a deal with French oil giant, Total, to build a petrochemical complex.