Aramco eyes more India deals, plans to double capacity

Prince Mohammed bin Salman- Credit Flickr  Алексей М

India's west coast is set to become home for the world's largest oil and petrochemical refinery, as Saudi Aramco and a consortium of Indian state refiners have joined hands to execute a $44 billion project.

The deal was signed among top executives of Aramco and India's Ratnagiri Refinery and Petrochemicals which is a joint venture of Indian Oil Corp, Hindustan Petroleum Corp, and Bharat Petroleum Corp.

If things go according to plan, RRPCL will rank among the world's largest refining and petrochemicals projects and go a long way in meeting India's fast-growing fuels and petrochemicals demand.

Days earlier, state oil giant Aramco sealed refining and petrochemicals deals worth about $20 billion in France and the United States.

"The reforms that Prime Minister Narendra Modi has brought over the last few years are nothing but a game changer". Aramco will not stop discussing other opportunities because we see India as a priority destination for our investment and energy supplies.

The entry of the Saudi national oil company will provide big support to the country's largest refinery as half of the crude oil required for processing there will be supplied by Aramco.

The announcements capped a three-week visit to Houston by Mohammed bin Salman, Saudi Arabia's crown prince, during a boom in US oil and gas production largely driven by West Texas shale drilling.

Last month, Aramco awarded more than $8 billion worth of contracts to American firms to boost its US refinery operations.

"Retail is very important".

Alongside the deal with Total, two others were signed separately between Aramco and French environmental and waste management groups Veolia and Suez, and Saudi Arabia's Dussur on industrial wastewater treatment.

The Memorandum of Understanding was signed with Saudi Aramco on Wednesday, during the 16th International Energy Forum's ministerial meet being held in Delhi.

Indian Petroleum and Natural Gas Minister Dharmendra Pradhan said that the Indian consortium and Saudi Aramco and an additional strategic partner will own the project on a 50:50 basis.

In the interview Tuesday, Jadaan said the government had not yet decided whether to list Aramco on the Saudi exchange alone, on a stock market overseas or seek a dual listing. Iraq displaced Saudi Arabia for the first time on an annual basis in 2017, data compiled by Reuters showed.

In addition to the refinery, cracker and downstream petrochemical facilities, the project will include associated facilities such as a logistics, crude oil and product storage terminals, raw water supply, as well as centralized and shared utilities.

Nasser said he was not anxious by rising supplies from regional rivals to India.

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