Aramco interested in stake in refinery in West coast, ADNOC in petrochemical projects

13-Apr-17

Oil giant Saudi Aramco is interested in a stake in India’s proposed 1.8 trillion rupee (US$27.87 bln) refinery in Maharashtra State, Indian Minister of Petroleum and Natural Gas Dharmendra Pradhan has said. The official said both Aramco and Abu Dhabi National Oil Co. (ADNOC) were in talks with New Delhi over investments in India’s energy sector. State-run Indian Oil, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) plan to build the 60 million tpa (1.2 million bpd) refinery to meet rising domestic fuel demand. Indian Oil owns 50% of the project, while BPCL and HPCL have 25% each. The project is likely to be funded through 60% debt and 40% equity.

Aramco is interested in the West coast refinery, while ADNOC is interested in petrochemical projects, Pradhan said, without divulging the size of the stake the Saudi NOC might pick up. The mega complex will produce gasoline, diesel, LPG, jet fuel and petrochemical feedstock. It will be the South Asia country’s largest refinery when completed.
The first phase will set up 40 million tpa (800,000 bpd) of capacity with an aromatic complex, naphtha cracker and a polymer complex, and will carry a price tag of INR 1.2-1.5 trillion (US$18.58-23.22 bln). Once the land has been acquired the initial phase is expected to take five to six years to complete. The second phase, involving a 20 million tpa (400,000 bpd) refinery, will cost INR 500-600 bln (US$7.74-9.29 bln).

 

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