• Aramco seeks stake in India’s biggest proposed refinery

    Saudi Arabia based and the world’s largest oil producer Saudi Aramco, is interested in taking a stake in India’s biggest oil refinery, planned to be set up on the west coast in Maharashtra. The 60 million metric tons per annum refinery has been mooted by Hindustan Petroleum Corporation (HPCL), Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL). “Saudi Aramco is interested in picking a stake in the west coast refinery while Abu Dhabi National Oil Co (ADNOC) is keen on investing in petrochemical projects,” media reports quoted union oil minister Dharmendra Pradhan as saying on the sidelines of the Global Natural Resources Conclave.

    IOC holds a 50 per cent stake in the refinery, while BPCL and HPCL will have a stake of 25 per cent each, which is estimated to cost Rs 1800 billion and will also house a mega petrochemical complex. The project will be set up in two phase of which phase one will have a 40 million metric tons per year refinery, an aromatic complex, naphtha cracker unit and a polymer complex and will cost around Rs 1200-1500 billion. The second phase will have a 20 metric tons per annum refinery and will cost around Rs 500-600 billion. (AR) Denis Potvin Authentic Jersey

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