Saudi Aramco, has signed a pact with a consortium of Indian oil companies to jointly develop and build a mega integrated refinery and petrochemicals complex Ratnagiri Refinery & Petrochemicals Ltd (RRPCL), in Maharashtra.
The Indian consortium consisting of IOCL, HPCL and BPCL will own a 50% stake in the joint venture while Saudi Aramco will hold the remaining half. The plan is to finish the project by 2025.
As per report, the project cost is estimated at around ₹3 lakh crore ($44 billion). The refinery will be capable of processing 1.2 million barrels of crude oil per day (60 million tonnes per annum).
