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Saudi Aramco to jointly develop an integrated refinery

Saudi Aramco to jointly develop an integrated refinery

According to reports, a deal has been signed between Saudi Aramco with a consortium of Indian refiners to build a refinery and petrochemicals project in Maharashtra along India's west coast.

"This project illustrates our strategy of maximizing the integration of our large refining and petrochemical platforms and of expanding our petrochemical operations from low-priced feedstock, to take advantage of the fast growing Asian polymer market", said Total's chief executive Patrick Pouyanne.

Aramco's CEO Amin Nasser said last month that his company was on track for a 2018 listing, but that the choice of date and venue was a decision for the company's owner, the Saudi government.

India-the world's third largest oil consumer-has been pushing for reasonable crude oil pricing from The Kingdom. The MoU will bring together crude supply, resources, technologies, experience and expertise of these multiple oil companies with an established commercial presence around the world.

“The signing marks a significant development in Indias oil and gas sector, enabling a strategic joint venture and investment partnership that will serve Indias fast-growing demand for transportation fuels and chemical products. It had supplied 39.5 million tonnes of crude oil to India in 2016-17, ahead of 37.5 million tonnes by Iraq. Besides Saudi Aramco, Abu Dhabi National Oil Co (Adnoc) has also shown interest in taking a stake in the project. Thereafter, the refinery was set up by HPCL in joint venture with steel baron Lakshmi N Mittal.




"Saudi Arabia and Russian Federation are discussing extending the cooperation and monitoring of the market to extend stability", he said referring to the crude output cuts agreed in 2017 between OPEC and Russian Federation in a move to stop the slide in oil prices that had fallen to around $25 a barrel two years ago. "We will only list when the market is right", he said. When asked what took Saudi Arabia so long to enter the business here, he said, "Saudi Aramco has been interested in India for decades".

Saudi Aramco is also participating as sponsor of the forum which opened today (April 10) and will run until April 12.

Al Helal emphasised the importance of measurement and geographical information systems when running critical projects across the kingdom.

Pradhan yesterday confirmed that a preliminary deal would be signed with Saudi Aramco.

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