Economy

Saudi Aramco will build $44 billion 'mega refinery' in India

Saudi Aramco will build $44 billion 'mega refinery' in India

Saudi Aramco, the world's largest oil producer, signed an agreement to take 50% stake in a planned $44bn refinery project in Maharashtra.

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. Bourisli did not name the project, but said that an official announcement in this regard was expected within the next two weeks. This is the second major worldwide deal signed by Saudi Aramco in as many days.

This project, said Patrick Pouyanné, chairman and CEO of Total, will tap into low-priced feedstock to supply to the "fast-growing Asian polymer market".

"Large as this project may be, it does not by itself satisfy our desire to invest in India".

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The Marijuana Policy Project told NPR that Boehner's decision reflects a change in public opinion on marijuana among adults. Yet the VA does not allow its doctors to recommend its usage.

"The strategic partnership brings together crude supply, resources, technologies, experience, and expertise of these multiple oil companies with an established commercial presence around the world", Saudi Aramco said on Wednesday. "We're very much interested in retail", he said. Saudi Aramco would also like to have its own brand, said Nasser.

Al-Falih, said India is a priority destination for Saudi investment and Aramco will continue to scout for opportunities beyond the west coast refinery.

Aramco, now a 50 percent stakeholder in the project, announced that it may, in the future, seek partners to share in its portion of the refinery stake. "Some French companies have plans to join us", he said, citing water group Suez and tire-maker Michelin.

Saudi petrochemical company Sabic is also keen to invest in a cracker and other facilities in India, Falih said.

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Sanchez finally broke out of his 2-35 slump with a two-run homer over the Green Monster to give the Yankees an early 4-0 lead. Yankees third-base coach Phil Nevin was thrown out for what looked like instigating the Red Sox bench afterwards.

The coming weeks will show how many other discussions have been underway between Aramco and the world's oil majors, as the kingdom's energy giant extends its global reach-while preparing for the IPO. By comparison, the market value for iPhone maker Apple is about $877 billion, and the total value of shares traded on the New York Stock Exchange was more than $20 trillion as of a year ago.

The signing confirmed a Reuters story that ran earlier on Wednesday after representatives of Aramco held a marathon meeting with their Indian counterparts on Tuesday. Saudi Aramco expects to invest between $8 billion and $10 billion dollars in the projects, pending the evaluations.

India, which imports about 80 percent of its crude requirements, has been diversifying its sources of oil supply and is seeking more favorable terms from producers in the Middle East.

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Census Bureau, and finds that California has the second smallest cents-on-the-dollar gap in the nation. The event took place in two locations, Big John's Market in Healdsburg; and Oliver's Market in Windsor.


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