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Friday 13 April 2018

Saudi Aramco, Indian consortium to build $44 bn mega refinery in Ratnagiri




Saudi Aramco has signed a memorandum of understanding (MoU) with Ratnagiri Refinery and Petrochemicals Ltd (RRPCL), to jointly develop and build an integrated mega refinery and petrochemicals complex at Ratnagiri, Maharashtra.
The project cost is estimated at around $44 billion. Saudi Aramco may also seek to include a strategic partner to co-invest in the mega refinery.
RRPCL is a consortium of Indian oil companies which includes The Indian Oil Corporation Ltd (IOCl), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL).
The strategic partnership brings together crude supply, resources, technologies, experience, and expertise of these multiple oil companies with an established commercial presence around the world.
A pre-feasibility study for the refinery has been completed and the parties are now finalizing the project’s overall configuration. Following the signing of the MoU, the parties will extend their collaboration to discuss the formation of a joint venture that would provide for joint ownership, control, and management of the project.

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