No retailing in India without manufacturing hub: Saudi Aramco CEO Amin Nasser

No retailing in India without manufacturing hub: Saudi Aramco CEO Amin Nasser

Saudi Aramco has signed a memorandum of understanding (MOU) with a consortium of Indian oil companies to jointly develop and construct a $44bn refinery and petrochemicals complex at Ratnagiri in the western Indian state of Maharashtra.

As per the agreement, Aramco and the consortium companies would pick up equal share in the JV at 50 per cent each.

Saudi Arabian Oil Co, commonly known as Saudi Aramco, has agreed in principle to join a proposed 1.2 million barrel per day refiner on India's west coast, he added.

Saudi Aramco said Wednesday it followed a mega deal with French energy company Total with a $44 billion refinery agreement with India.

Saudi Arabia has been interested in India for quite some time, with Energy Minister Khalid al-Falih saying earlier of its Indian push that "All of these are illustrated commitments by the Kingdom and the company to be not only a supplier, but an investor in India at an unmatched scale".

PM Modi slams Opposition, praises Nitish for cleanliness drive
Lauding the Nitish Kumar Government of Bihar , Modi said, "This Government has put an end to the culture of keeping files pending".

Last year, Aramco said it would invest 18 billion United States dollars in Motiva to increase the capacity of the Port Arthur facility and move to petrochemical production.

Saudi Aramco will supply at least 50 per cent of the crude to be processed at the planned refinery, officials said. By comparison, the market value for iPhone maker Apple is about $877 billion, and the total value of shares traded on the New York Stock Exchange was more than $20 trillion as of past year. "We are managing the global block", he said. Currently, IOC holds a 50 per cent stake in RRPL, while HPCL and BPCL have 25 per cent stake each. The Indian accord is just the latest in a string of deals - with French, US and Asian companies - announced by Aramco as it seeks secure markets for its oil and to move away from being just a producer.

Asked about Saudi Arabia and Russian Federation looking to extending a short-term pact to curb oil supplies with a view to check prices, he said, "We believe that whatever we are doing is part of long-term responsibility". The refinery-cum-petrochemical complex is expected to be commissioned by 2022. 18 million tonnes per annum of petrochemical products. The new facility will be integrated with an existing oil refinery-itself a joint venture between Aramco and Total. "We would also like to have our own brand", he said. "The earlier government brought in the Jaitapur nuclear power project and now this government is set to force this oil refinery on us".

India has a refining capacity of 232.066 million tonnes, which exceeded the demand of 194.2 million tonnes in 2016-17 fiscal.

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