RIYADH – Saudi Aramco signed on Wednesday a Memorandum of Understanding(MOU) with “Ratnagiri Refinery and Petrochemicals Ltd.” (RRPCL) for anestimated $44 billion mega refinery and petrochemicals complex on India’swest coast.

The India partner is a consortium of oil companies which includes TheIndian Oil Corporation Ltd. (IOCl), Bharat Petroleum Corporation Ltd.(BPCL), and Hindustan Petroleum Corporation Ltd. (HPCL), to jointly developand build an integrated mega refinery and petrochemicals complex atRatnagiri, in the state of Maharashtra, India.

The refinery will be capable of processing 1.2 million barrels of crude oilper day. It will produce a range of refined petroleum products, includinggasoline and diesel, meeting BS-VI fuel efficiency norms. The refinery willalso provide feedstock for the integrated petrochemical complex, which willbe capable of producing approximately 18 million tons per annum ofpetrochemical production.

Ratnagiri Refinery and Petrochemicals Ltd. (RRPCL) will rank among thelargest world refining and petrochemicals projects and will be designed tomeet India’s fast-growing fuels and petrochemicals demand.

Aramco President & CEO Amin H. Nasser said that “Investing in India is akey part of Saudi Aramco’s global downstream strategy, and anothermilestone in our growing relationship with India.”

Nasser also noted the opening in 2017 of Aramco Asia’s New Delhi officewith a mandate to expand Saudi Aramco’s international portfolio in this keyeconomic growth region.

“The signing marks a significant development in India’s oil and gas sector,enabling a strategic joint venture and investment partnership that willserve India’s fast-growing demand for transportation fuels and chemicalproducts.

Participating in this mega project will allow Saudi Aramco to go beyond ourcrude oil supplier role to a fully integrated position that may help usherin other areas of collaboration, such as refining, marketing, andpetrochemicals for India’s future energy demands,” he added.