Saudi Aramco has signed a framework agreement with the Abu Dhabi National Oil Company (Adnoc) to jointly develop and build the proposed $44bn integrated refinery and petrochemicals complex in Maharashtra, India.
Located at Ratnagiri, the refinery is expected to have a processing capacity of 1.2 million barrels of crude oil a day and will produce refined petroleum products, including petrol and diesel meeting Bharat Stage VI (BS VI) fuel efficiency regulations of India.
Under the terms of the agreement, Aramco and Adnoc will build, own and operate the complex under a joint venture (JV) with a consortium of Indian national oil companies comprising Indian Oil (IOCL), Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL).
Aramco and Adnoc will jointly own a 50% stake in the project, while the remaining 50% interest will be held by the consortium.
Saudi Aramco president and CEO Amin Nasser said: “Saudi Aramco is proud to partner with Adnoc and RRPCL to help ensure that the world’s fastest-growing economy has secure, reliable energy feedstocks for its long-term prosperity.
“The Ratnagiri project will meet India’s rising demand for fuels and chemical products while serving the strategic objectives of the partners.”
Aramco and Adnoc will now jointly undertake a pre-feasibility study to determine the overall configuration of the project.
The integrated petrochemicals complex will receive feedstock from the refinery and is expected to produce around 18Mtpa of petrochemical products.
