Ratnagiri Refinery and Petrochemicals Ltd. (RRPCL) will rank among the largest world refining and petrochemicals projects and will be created to meet Indias fast-growing fuels and petrochemicals demand.
The agreement entails that Saudi Aramco will be supplying around 30 MT crude oil, which is half of the refinery's processing capacity.
Saudi's petrochemical company SABIC is also keen to invest in a cracker and other facilities inIndia, he said. By comparison, the market value for iPhone maker Apple is about $877 billion, and the total value of shares traded on the New York Stock Exchange was more than $20 trillion as of past year.
"Geographical information systems allow us to further enhance our upstream operations, safety procedures, project management, our detection and monitoring capabilities, and the preservation of our wide-ranging assets", he said.
"Saudi Aramco will initially assume 50 per cent, but we have the option of introducing another global partner if it is in the interest of the project".
The Memorandum of Understanding was signed with Saudi Aramco on Wednesday, during the 16th International Energy Forum's ministerial meet being held in Delhi.
"There will be two blocks of investors (in Ratnagiri) that include 50 per cent of Indian companies and the remaining by a block of foreign companies". It is part of Aramco's plan to diversify from its core business of producing crude oil to expanding into value-added products as it plans the world's biggest initial public offering.
KOTRA President Kwon Pyung-oh (L) attends a ceremony to sign an MOU with Ahmad A. Al Sa'adi, senior vice president of Technical Services at Saudi Aramco, at KOTRA's headquarters in southern Seoul on April 10, 2018.
Saudi Arabia's Minister for Energy, Industry and Mineral Resources, Khalid Al Falih, while speaking on the deal with India, said the feasibility study for the project has been concluded.
"We believe oil prices will get higher in this year and also get higher in 2019, so we are trying to pick the right time", Prince Mohammed told the magazine in reference to the IPO.
Nasser said he was not anxious by rising supplies from regional rivals to India.