Saudi Aramco, the world's largest oil producer, will buy 50 per cent stake in the mega USD 44-billion oil refinery in Maharashtra.
Saudi Aramco, the world's largest oil producer, will buy 50 per cent stake in the mega USD 44-billion oil refinery in Maharashtra.
A memorandum of understanding (MoU) to this effect was signed on sidelines of the International Energy Forum (IEF) conference here.
Saudi Oil Minister, Khalid A. Al-Falih, said India is a priority destination for Saudi investment and Aramco will continue to scout for opportunities beyond the west coast refinery.
Saudi Arabia will supply half of the 60 million tonne capacity, he said.
State-owned IOC, BPCL and HPCL will hold the remaining 50 per cent stake in the project.
Earlier thi syear, it was reported that World's largest oil company Saudi Aramco had been looking to buy a stake in existing Indian refineries and expansion projects as well as the planned giant refinery on the west coast, Saudi Arabian Oil Minister Khalid al-Falih said today.
The company has signed an agreement to initiate talks for a possible stake in the proposed Rs 1.8 lakh crore refinery in Maharashtra, he told reporters here.
"Agreements have been already signed that allows discussions to start on the configuration of the (60 million tonnes a year) refinery, on design basis and pre-feasibility studies," he said, adding during his two-day visit discussions were held about the commitment of Aramco to west coast refinery.
"Aramco is also looking at other opportunities to buy into existing refineries in India as well as upgrades of existing refineries. So, there are at least three different tracks which I cannot reveal more specifics. One is the greenfield west coast refinery, which is already public, but there are discussions with expansions as well as buying stake into major existing refinery assets," he said.
(With inputs from agencies)
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