Saudi Aramco on Wednesday announced a $44-billion deal to build a giant refinery complex in India with three Indian firms that will become a crucial new outlet for the world's biggest supplier. The refinery at Ratnagiri on the west coast will be able to process up to 1.2 million barrels of crude a day, the Saudi company said after signing a memorandum of understanding with Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation. Ratnagiri will be among the world's largest "refining and petrochemicals projects and will be designed to meet India's fast-growing fuels and petrochemicals demand. The project cost is estimated at around $44 billion," said a statement. "Saudi Aramco is the only company that can undertake [a] project of this scale," company president Amin Nasser said in Delhi. The Indian accord is just the latest in a string of deals -- with French, U.S. and Asian companies -- announced by Aramco as it seeks secure markets for its oil and to … [Read more...] about Saudi Aramco signs $44B deal to build giant Indian refinery
Saudi aramco energy ventures
NEW DELHI - Agence France-Presse Saudi Aramco, the world’s biggest oil company, on April 11 announced a $44-billion deal to build a giant refinery complex in India with three Indian firms. The refinery at Ratnagiri on the west coast will be handle up to 1.2 million barrels of oil a day, the Saudi company said in a statement after signing a memorandum of understanding with Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation. The Ratnagiri complex “will rank among the largest world refining and petrochemicals projects and will be designed to meet India’s fast-growing fuels and petrochemicals demand. The project cost is estimated at around $44 billion.” The Indian accord is just the latest in a string of deals -- with French, U.S. and Malaysia companies -- announced by Aramco as it seeks to secure buyers for its oil. Saudi Arabia is the world’s second biggest oil producer behind Russia, according to the … [Read more...] about Saudi Aramco signs $44 bln deal for Indian refinery complex
Saudi Arabia's state oil giant has signed an agreement with Indian consortium Ratnagiri Refinery and Petrochemicals to develop a $44bn (£31bn) mega refinery in India. Saudi Aramco signed a memorandum of understanding today to jointly develop and build the complex in Ratnagiri, in the state of Mahrarashtra, with a group of firms including the Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum Corporation. Aramco said it may also seek to include a strategic partner to co-invest. Aramco and the conglomerate will now discuss the formation of a joint venture to provide ownership, control and management of the project, which will be capable of processing 1.2m barrels of crude oil per day. Read more: That the Saudi Aramco IPO is in jeopardy should surprise no-one The refinery will produce a range of products, including gasoline and diesel, and it will also provide feedstock for the petrochemical complex, which will be able to produce around 18m tonnes per year. President … [Read more...] about Saudi Aramco and Indian group to build $44bn mega refinery and petrochemicals complex
By and April 7, 2018, 8:59 PM EDT Updated on April 8, 2018, 12:00 AM EDT Saudi Arabia signaled its intent to expand chemical production along the U.S. Gulf Coast and potentially double the size of North America’s biggest oil refinery.The kingdom’s state-owned crude producer is joining with U.K. oilfield-services firm TechnipFMC Plc to assess the potential for producing ethylene, a key component in plastics, Saudi Aramco’s Motiva Enterprises LLC unit said in a statement Saturday. A second accord with Honeywell International Inc. could lead to the construction of a new manufacturing complex in the heart of the U.S. petrochemicals industry.In a separate presentation at a lavish reception for Saudi Crown Prince Mohammed bin Salman in Houston, Motiva said it’s considering doubling the size of its refinery in Port Arthur, Texas. The announcement comes less than a year after Aramco paid $2.2 billion to Royal Dutch Shell Plc to gain sole control of the Port … [Read more...] about Saudis See Chemical, Oil-Refining Bonanza Along U.S. Gulf Coast
Saudi Arabia’s state oil company will sign an agreement this weekend with a British oilfield services firm to explore building chemical facilities in Texas, according to people familiar with the matter.The agreement with TechnipFMC Plc involves a study for a potential chemical unit on the U.S. Gulf Coast that would be able to produce materials used in gasoline and as industrial solvents, said the people, who asked not to be identified because the matter isn’t public. There will also be a study on a facility that can make ethylene, a key compound for making plastics. Saudi Aramco, through its Motiva Enterprises LLC subsidiary, owns North America’s largest refinery, in Port Arthur, Texas.Crown Prince Mohammed bin Salman, heir to the throne of the world’s largest oil exporter, is wrapping up a three-week tour of the U.S. to promote his effort to open up the Saudi economy through his “Vision 2030” and has announced several development projects. While in … [Read more...] about Aramco Plans Chemical Complex Project Study in U.S.