RIYADH – Saudi Arabia and UAE plan $70 billion oil refinery in India, oneof the largest ever across the World.
Saudi Arabia and the United Arab Emirates discussed a planned refinery inthe western Indian state of Maharashtra that will cost at least $70billion, a figure that exceeds the initial $44 billion estimate previouslyannounced.
The new figure came from a read-out of a meeting in the UAE between SaudiCrown Prince Mohammed bin Salman and Abu Dhabi Crown Prince Mohammed binZayed Al Nahyan on Wednesday evening.
The statement said the two sides discussed the initiative, first announcedin 2018, to develop the refinery and petrochemicals complex, which wouldsecure the supply of 600,000 barrels per day of Saudi and Emirati crude oilfor Indias market.
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The project, which would be run by a consortium that includes Saudi Aramcoand ADNOC, has yet to begin or secure land.
