PETROCHEMICALS
Saudi Aramco signs deal with Indian refiners
New Delhi — Saudi Aramco signed an initial deal with a consortium of Indian refiners on Wednesday to build a $44bn refinery and petrochemical project on India’s west coast, as the kingdom moves to secure buyers for its crude in a market awash with oil. Top executives of Aramco and India’s Ratnagiri Refinery and Petrochemicals — a joint venture of Indian Oil, Hindustan Petroleum and Bharat Petroleum — signed a memorandum of understanding to take equal stakes in the project in Maharashtra state. The project includes a 1.2-million-barrels-per-day (bpd) refinery that is integrated with petrochemical facilities with a total capacity of 18-million tonnes per year, the officials said on the sidelines of the International Energy Forum. Aramco, the world’s largest oil producer, is expanding its footprint globally by signing new downstream deals and boosting the capacity of its existing plants ahead of an initial public offering that is expected later in 2018 or in 2019. Days earlier, state o...
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