Dalian Ligong Safety Equipment Co.,Ltd
According to reports, Saudi Aramco and three Indian oil company consortium signed a memorandum of understanding (MOU) on April 11 to jointly develop and establish an integrated oil refining and petrochemical complex on the west coast of India. The project, which is expected to cost about 44 billion U.S. dollars, will be built in Ratnagiri, Maharashtra, Saudi Aramco said in a statement. Indian Oil Company (IOC), Bharat Petroleum Company (BPCL) and Hindustan Petroleum Company (HPCL) will participate in the project of Ratnagiri Refining & Petrochemical Co., Ltd. (RRPCL). The proposed refinery will have a crude oil processing capacity of 1.2 million barrels per day and will provide raw materials for an integrated petrochemical plant with a petrochemical capacity of approximately 18 million tons per year.
"Investing in India is an important part of Saudi Aramco's global downstream strategy," said Amin Nasser, president and CEO of Saudi Aramco. He added: "The signing of the memorandum also marks a major development in India's oil and gas industry, which will enable strategic cooperation and investment partnerships to be realized and will meet the rapid growth in demand for transportation fuels and chemical products in India."
Previously, Saudi Aramco and French energy giant Total signed a US$5 billion Jubail joint venture project. Saudi Aramco also announced that it has established two joint ventures with Petronas to promote the integration of oil refinery and petrochemical industry. As part of the final agreement, Saudi Aramco will hold 50% ownership in the RAPID joint venture and its assets, and it will also serve as a crude oil feedstock for the project's daily production of 300,000 barrels of refinery. The main supplier.
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