Saudi Arabian Oil Co. signed a memorandum of understanding with an Indian consortium to jointly develop and build Ratnagiri Refinery and Petrochemicals Ltd., a $44 billion integrated refinery and petrochemicals complex on India's west coast, according to an April 11 news release.
The complex is in Ratnagiri in the Indian state of Maharashtra. It will house a refinery capable of processing 1.2 million barrels of crude oil per day and will be able to produce a range of refined petroleum products including gasoline and diesel. It will also provide feedstock for an integrated petrochemical complex capable of producing approximately 18 million tons of petrochemicals per year.
The project will also include associated facilities such as logistics, crude oil and product storage terminals, raw water supply along with centralized and shared utilities, in addition to the refinery, cracker and downstream petrochemical facilities.
Following the signing of the MOU, the parties will collaborate to discuss the formation of a joint venture that would provide for joint ownership, control and management of the project, the release said.
Saudi Aramco may also seek to include a partner to co-invest in the refinery.
The Indian consortium is composed of Indian Oil Corp. Ltd., Bharat Petroleum Corp. Ltd. and Hindustan Petroleum Corp. Ltd.