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Saudi Aramco, Indian consortium to develop $44B mega-refinery and petrochemicals complex on India’s west coast; 1.2 MMBD

Saudi Aramco signed today a Memorandum of Understanding (MOU) with “Ratnagiri Refinery and Petrochemicals Ltd.” (RRPCL), a consortium of Indian oil companies which includes The Indian Oil Corporation Ltd. (IOCl), Bharat Petroleum Corporation Ltd. (BPCL), and Hindustan Petroleum Corporation Ltd. (HPCL), jointly to develop and build an integrated mega-refinery and petrochemicals complex at Ratnagiri, in the state of Maharashtra.

The project cost is estimated at around $44 billion; Saudi Aramco may also seek to include a strategic partner to co-invest in the mega-refinery.

A pre-feasibility study for the refinery has been completed and the parties are now finalizing the project’s overall configuration. Following the signing of the MOU, the parties will extend their collaboration to discuss the formation of a joint venture that would provide for joint ownership, control, and management of the project.

The refinery will be capable of processing 1.2 million barrels of crude oil per day (MMBD). It will produce a range of refined petroleum products, including gasoline and diesel, meeting BS-VI fuel efficiency norms. The refinery will also provide feedstock for the integrated petrochemical complex, which will be capable of producing approximately 18 million tons per annum of petrochemical production.

The RRPCL complex will make India home to the top two largest refineries in the world; the world’s largest refinery is the Reliance Industries Jamnagar Refinery, with a production capacity of 1.2 MBpd.

In addition to the refinery, cracker and downstream petrochemical facilities, the project will include associated facilities such as a logistics, crude oil and product storage terminals, raw water supply, as well as centralized and shared utilities.

Investing in India is a key part of our company’s global downstream strategy, and another milestone in our growing relationship with India. The signing marks a significant development in India’s oil and gas sector, enabling a strategic joint venture and investment partnership that will serve India’s fast-growing demand for transportation fuels and chemical products. Participating in this mega project will allow Saudi Aramco to go beyond our crude oil supplier role to a fully integrated position that may help usher in other areas of collaboration, such as refining, marketing, and petrochemicals for India’s future energy demands.

—Saudi Aramco President and CEO Amin H. Nasser

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