• 4 minutes "Saudi Armada heading to U.S.", "Dumping" is a WTO VIOLATION.
  • 7 minutes Trump will be holding back funds that were going to W.H.O. Good move
  • 11 minutes Washington doctor removed from his post, over covid
  • 15 minutes Which producers will shut in first?
  • 7 hours Why Trump Is Right to Re-Open the Economy
  • 18 mins A small trial finds that hydroxychloroquine is not effective for treating coronavirus
  • 2 hours Sharp real pure true hard working roughneck needing work..
  • 18 mins Charts of COVID-19 Fatality Rate by Age and Sex
  • 27 mins Russia's Rosneft Oil is screwed if they have to shut down production as a result of glut.
  • 3 mins Corona Price Tag
  • 18 hours Wouldn't fall in demand balance it out?
  • 14 hours US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 2 hours Bernie Sanders introduces bill to ban fracking
  • 4 hours 80's GOM Oil Fam: Mid-80's Oil Glut Part Deux?
  • 7 hours CCP holding back virus data . . . . . . Spanish Flu 1918 MUTATED, Came in 3 waves, Lasted 14 months and killed upward 5% World population
  • 13 hours Its going to be an oil bloodbath
Oil Market Data Is About To Get Very Ugly

Oil Market Data Is About To Get Very Ugly

As the COVID-19 pandemic continues…

Big Oil Raises Debt To Ride Out Price Crash

Big Oil Raises Debt To Ride Out Price Crash

As prices crashed, the supermajors…

India Picks New Site For $44B Aramco-ADNOC Mega Refinery

Refinery asia

The Indian state of Maharashtra has identified a new location where India, in partnership with the state oil companies of Saudi Arabia and the UAE, plans to build a giant US$44-billion refinery, the chief minister of Maharashtra state, Devendra Fadnavis, said on Wednesday.  

In June last year, Saudi Aramco and the Abu Dhabi National Oil Company (ADNOC) signed a framework agreement and a memorandum of understanding with a consortium of Indian national oil companies to join the mega project in the Maharashtra state on India’s west coast. Saudi Aramco and ADNOC will jointly own 50 percent of the new joint venture company RRPCL, while the other 50 percent will be held by the Indian consortium. The parties agreed to explore a strategic partnership and co-investment in the development of the US$44 billion mega refinery.  

By investing in the giant Indian refinery, the national oil companies of leading OPEC producers Saudi Arabia and the UAE would secure off-take for their crude in a strategic fast-growing oil market in Asia. 

However, the process of land acquisition for the new giant complex was put on hold late last year due to strong opposition from local farmers at the initially identified location. Farmers opposed the choice for the giant refinery because many of them depend on their land for their income and livelihoods.

After the suspension of the land acquisition at the previous site, Fadnavis announced in February this year that the refinery would be relocated to another site, without specifying it.

Related: China’s ‘Elon Musk’ Sees Big Future For Hydrogen Cars

Now the Maharashtra state has picked the new location, in the Raigad district, some 62 miles (100 kilometers) south of Mumbai, Reuters quoted Fadnavis as saying in a written reply to lawmakers in Maharashtra state.

The previously proposed site at Nanar lies around 248 miles (400 kilometers) south of Mumbai.

A state-run City and Industrial Development Corporation plans to buy land from around 40 villages in the Raigad district for the refinery, Fadnavis told lawmakers, as carried by Reuters.   

Alongside investment in the mega refinery, Saudi Arabia has recently pledged to invest US$100 billion in India’s energy sector in its continued efforts to lock in future demand for its oil on the fastest-growing Asian markets.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage




Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News