New Delhi: Saudi Aramco, the world’s largest oil producer, on Wednesday signed an agreement to pick up 50 per cent stake in a planned $44-billion refinery-cum-petrochemical project in Maharashtra, a move that will give it an assured customer for additional 30 million tonnes of its crude oil.
Aramco, at a later date, plans to dilute some of its 50 per cent equity stake in the 60 million tonne-a-year refinery project in favour of another strategic investor, visiting Saudi oil minister Khalid Al-Falih said.
The Saudi national oil company will supply half of the crude oil required for processing at the refinery, he said.
State-run refiners IOC, HPCL and BPCL will own the remaining 50 per cent stake. “As large as this project may be, this does not by itself satisfy our desire to invest in India. Aramco will not stop discussing other opportunities because we see India as a priority destination for our investment and energy supplies,” he said.