ISLAMABAD – The behemoth refinery complex to be built by Saudi Aramco andAbu Dhabi National Oil Company in Indian state of Maharashtra is expectedto cost a whooping $70 billion.

The amount is nearly twice the amount initially estimated at $44 billion.The new mega crude refinery with a capacity of 1.2 million barrels per day,integrated with a modern petrochemical complex in the state of Maharashtrain western India, would secure the supply of at least 600 thousand barrelsper day of Saudi crude oil And UAE for Indian market with high conversionrate for chemicals, stated UAE state news agency *Wam* in a statement.

Last month, the Indian petroleum minister Dharmendra Pradhan revisedupwards the cost of the refinery to more than the initial estimate of $44bn.

The project, named Ratnagiri Refinery & Petrochemicals Ltd (RRPCL), wasannounced in December 2015, and is to be commissioned by 2025.

With a 60 million tonnes per annum (MTPA) capacity, RRPCL is a jointventure comprising the oil giant Saudi Aramco, Abu Dhabi National OilCompany (Adnoc), and three Indian state-owned oil marketing companies,Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation (HPCL) andBharat Petroleum Corporation (BPCL).

Saudi Aramco and Adnoc will jointly own 50% of the refinery, with theremaining 50% being owned by the Indian oil companies.