OIL & GAS

Saudi Aramco, Adnoc committed to $44 bn west coast refinery project: IOC Chairman

Saudi Arabian Oil Co (Saudi Aramco) and Abu Dhabi National Oil Co (Adnoc) are still committed to investing in the planned USD 44 billion west coast refinery-cum-petrochemical project, the Chairman of the project’s lead Indian partner said on Thursday.

Saudi Aramco’s talks to buy a 20 per cent stake in Reliance Industries Ltd’s oil-to-chemical business for USD 15 billion, coupled with a crash in oil prices, slowing down of fuel demand, and land issues facing the west coast project had led to speculations of waning interest of the world’s largest oil exporter in the project.

“Both Adnoc and Saudi Aramco are still committed to the investments in the project,” Indian Oil Corp (IOC) Chairman Shrikant Madhav Vaidya said at Energy Intelligence Forum 2020.

State-owned IOC, Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) together with Saudi Aramco and Adnoc plan to set up a 60 million tonnes refinery-cum-petrochemical complex on Maharashtra coast.

Source
ET Energy World
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