India identifies new site for US$44 bln oil refinery to be built by state-run firms with Saudi Aramco and ADNOC

25-Jun-19

The Indian government has identified a new site for the $44bn oil refinery that is being built by three state-run firms along with Saudi Aramco and ADNOC, according to Maharashtra chief minister Devendra Fadnavis. The new site in Maharashtra is in Raigad district, which is approximately 100km south of Mumbai, India's financial capital.

The 1.2 mln bpd refinery and integrated petrochemical project will provide India steady fuel supply. The three state run majors- Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation together will own 50% stake in the Ratnagiri Refinery and Petrochemicals Ltd. The balance 50% stake is to be owned equally by Saudi Aramco and ADNOC.