Saudi Aramco, the world's biggest oil company, and its partner Abu Dabhi National Oil Co (ADNOC) have picked up 50 per cent stake in a planned USD 44-billion refinery in Maharashtra but the project is facing problems in acquiring land due to protests from local politicians. Indian partners, he said, are “assuring us that things are going very well.?” He was replying to a reporter’s question, on the sidelines of Saudi India Forum, about the fate of the 60 million tonnes-a-year refinery project after ruling BJP and Shiv Sena agreed to shift the project from Ratnagiri district.“I think if there is any delay, we can catch up. All we hear lately is that things are progressing well and we should be optimistic about it going forward,” he said when asked if search for an alternate site may delay the project beyond agreed deadline of 2025. He said Saudi Aramco continues to stay invested in the project, agreements for which were signed last year Like other major producers, the two are looking to lock in customers in the world’s third-largest oil consumer through the investment. Kuwait too is looking to invest in projects in return for getting an assured offtake of their crude oil.Saudi Aramco is also keen on retailing fuel in India. A refinery in India can also be a base for it to export fuel to deficit countries in Europe and the Americas.
