Saudi Aramco, ADNOC sign MoU with India to develop refinery at Ratnagiri
Monday,25 Jun 2018 07:37 PM IST
Saudi Aramco and ADNOC signed an MoU today to jointly develop and build an integrated refinery and petrochemicals complex at Ratnagiri in Maharashtra. The project will be implemented by Ratnagiri Refinery & Petrochemicals Ltd. (RRPCL).
The MoU was signed between Saudi Aramco President and CEO, Amin H. Nasser and Dr. Sultan Ahmed Al Jaber, UAE Minister of State & ADNOC Group CEO. The signing was witnessed by His Highness Sheikh Abdullah bin Zayed bin Sultan Al Nahyan, UAE Minister of Foreign Affairs and International Cooperation, who is on an official visit to India, and Dharmendra Pradhan, Minister of Petroleum and Natural Gas & Skill Development & Entrepreneurship, Government of India.
Earlier, Saudi Aramco had joined the project by signing an MoU with the Indian consortium on 11th April 2018 on the sidelines of the16 International Energy Forum Ministerial. Saudi Aramco also sought to include another strategic partner to co-invest in the project as an overseas investor.
RRPCL which is promoted by a consortium of India PSUs consisting of IOCL, BPCL and HPCLwill now have Saudi Aramco & ADNOC as overseas strategic partners. The project will be set up as a 50:50 joint partnership (50:50) between the consortium from India and Saudi Aramco and ADNOC. This will be single largest overseas investment in the Indian refining sector.
The strategic partnership brings together crude supply, resources, technologies, experience and expertise of these multiple oil companies with an established commercial presence around the world.
The mega refinery will be capable of processing 1.2 million barrels of crude oil per day (60 million metric tonnes per annum). It will produce a range of refined petroleum products, including petrol and diesel meeting BS-VI fuel efficiency norms. The Refinery will also provide feedstock for the integrated petrochemicals complex, which will have the capacity of producing approx. 18 million tonnes per annum of petrochemical products.
RRPCL will rank among the world’s largest refining & petrochemicals projects and will be designed to meet India’s fast-growing fuels and petrochemicals demand. The project cost is estimated at around Rs.3 lakh crore (USD 44 billion).