Saudi Aramco's to build $44 billion world's largest mega refinery complex in Ratnagiri
Ratnagiri, India :Saudi Aramco, the world's biggest oil company announced a $44-billion deal to build a giant refinery complex in India with three Indian oil majors. The refinery at Ratnagiri in Maharashtra will have the capacity to handle 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. Indian Oil, Bharat Petroleum and Hindustan Petroleum have set up a joint venture for the deal with Aramco, Ratnagiri Refinery and Petrochemicals Ltd.

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. 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. Aramco may seek to include a strategic partner to co-invest in the mega refinery.