Aramco, ADNOC eye India’s largest refinery project
Aramco is interested in having a stake in the West coast refinery while ADNOC is interested in petrochemical segments, the reports revealed.
The new 1.1 million barrels/day refinery will be built by State-run Indian Oil, Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) with an aim to meet the increasing fuel demand of the country. Indian Oil has 50% of the project while BPCL and HPCL own 25% each.
The new project will have two phases. The first phase, which is worth $18.58-23.22 billion, will have an 800,000 barrels/day aromatic complex, naphtha cracker and polymer complex while the second phase, worth $7.74-9.29 billion, will involve a 400,000 barrels/day refinery, the reports revealed.
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