State oil giant Saudi Aramco has signed a memorandum of understanding (MoU) with a consortium of Indian companies to build a refinery at Ratnagiri in Indias Maharashtra in a project worth about US$44bn
The refinery will have a capacity of 1.2 mbl per day of crude oil or 60 mmtpa.
The project will be structured as a joint venture between an Indian consortium, comprised of Indian Oil Corporation (IOCL), Bharat Petroleum (BPCL), Hindustan Petroelum (HPCL) and Aramco.
Khalid Al-Falih, minister of energy, industry and mineral resources in Saudi Arabia, said that an international oil company has expressed interest in being part of the project but did not specify which in a media briefing.
