Saudi Aramco signed deal with India on $44 billion refinery-petchem project

Vastavam web: Saudi Aramco on Wednesday signed an initial deal with a consortium of Indian refiners to build a $44 billion 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 & Petrochemicals – a joint venture of Indian Oil Corp (IOC.NS), Hindustan Petroleum Corp (HPCL.NS) and Bharat Petroleum Corp (BPCL.NS) – signed a memorandum of understanding to take equal stakes in the project in Maharashtra state.

Aramco, the world’s biggest 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 this or next year.Days earlier, state oil giant Aramco sealed refining and petrochemicals deals worth about $20 billion in France and the United States.