Saudi Aramco signs US$44b deal for Indian refinery complex

[NEW DELHI] Saudi Aramco, the world's biggest oil producer, on Wednesday announced a US$44-billion deal to build a giant refinery complex on the west coast of India with three Indian firms.

The refinery at Ratnagiri will have a capacity of 1.2 million barrels of oil a day, the Saudi company said in a statement after signing a memorandum of understanding with Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation.

It said the Ratnagiri complex "will rank among the largest world 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 US$44 billion."

AFP