NEW DELHI: World’s largest oil producer-Saudi Aramco on Wednesday signed a Memorandum of Understanding with a consortium of Indian state-run companies to jointly develop Ratnagiri Refinery & Petrochemicals (RRPCL) in Maharashtra at a proposed budget of $44 billion.
As per the agreement, Aramco and the consortium companies would pick up equal share in the JV at 50 per cent each. When in full swing, the refinery will be capable of processing 1.2 million barrels of crude oil per day (60 million metric tonnes per annum), making it one of the largest refineries in the world.
Saudi Oil Minister Khalid Al-Falih said in future, Aramco plans to dilute some of its 50 per cent equity stake in favour of another strategic investor. He added that Saudi Aramco would focus on India’s retail market.