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

Another day, another massive deal for Saudi Arabia's state oil giant.Saudi Aramco has agreed to develop a "meg...

Posted: Apr 11, 2018 10:56 AM
Updated: Apr 11, 2018 10:56 AM

Another day, another massive deal for Saudi Arabia's state oil giant.

Saudi Aramco has agreed to develop a "mega refinery" on India's west coast with three Indian state-owned oil companies.

The refinery, located about 215 miles south of Mumbai, will cost $44 billion to build and is capable of processing around 1.2 million barrels of crude oil a day, Aramco said in a statement.

India's fast growing economy is boosting demand for fuel and petrochemicals and Aramco is hoping to cash in.

Related: You'll pay 14% more for gas this summer, forecast says

The project "will rank among the largest world refining and petrochemicals projects," the Saudi company said.

Saudi Aramco and the Indian consortium will each own 50% of the project, India's energy minister Dharmendra Pradhan said in a statement. Saudi Aramco said it may bring in a strategic partner to share part of its stake.

The deal comes less than 24 hours after Saudi Aramco signed an agreement with French oil company Total to build a "giant" petrochemical complex in Saudi Arabia for about $5 billion. The project is expected to create around 8,000 new jobs in the kingdom.

Oregon Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 41739

Reported Deaths: 653
CountyConfirmedDeaths
Multnomah9055160
Marion5733108
Washington568175
Umatilla334444
Clackamas308165
Lane232627
Malheur190938
Jackson16506
Deschutes111013
Yamhill98515
Linn79815
Polk64815
Jefferson6039
Morrow5436
Lincoln51513
Union4652
Benton4366
Klamath4083
Wasco34715
Douglas3455
Hood River2771
Josephine2633
Columbia2561
Clatsop2410
Coos2360
Baker1143
Crook1032
Tillamook700
Curry571
Wallowa422
Lake340
Harney230
Sherman180
Gilliam110
Grant110
Wheeler10
Unassigned00
Eugene
Few Clouds
52° wxIcon
Hi: 53° Lo: 24°
Feels Like: 52°
Corvallis
Clear
50° wxIcon
Hi: 51° Lo: 24°
Feels Like: 50°
Roseburg
Clear
57° wxIcon
Hi: 59° Lo: 28°
Feels Like: 57°
North Bend
Clear
56° wxIcon
Hi: 56° Lo: 37°
Feels Like: 56°
KEZI Radar
KEZI Temperatures
KEZI Planner

LATEST FORECAST

Community Events