Published on July 3, 2017

Saudi Aramco is seeking an interest to enter exclusive talks on investing in the largest refining project under way in India. The petrochemicals-focused Saudi Basic Industries Corp. (SABIC) has committed to studying projects in Kazakhstan as part of a wider co-operation agreement between Riyadh and Astana. India’s Oil Minister Dharmendra Pradhan revealed on June 14 that Aramco was requesting exclusivity in negotiations on taking a stake in the estimated US$40 billion refinery and petrochemicals project planned in the western Maharashtra state.

The joint venture (JV) agreement between the three state firms behind the landmark project – which would create the world’s largest greenfield refinery with capacity of 1.2 million bpd. India Oil Corp. (IOC) will initially hold a 50% stake, with Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd. (HPCL) owning 25% apiece. “Saudi Aramco is interested to be a partner with the mega-refinery from the early stages of conception to implementation,” Pradhan was quoted as saying in the local press. The project is scheduled for completion by 2022 and is envisaged encompassing a naphtha cracker and aromatics and polymers units.