Saudi ARAMCO and ADNOC to participate in the 60 MMTPA Ratnagiri Refinery project in Maharashtra
NewDelhi : Saudi Arabian Oil company popularly known as Saudi Aramco and Abu Dhabi based ADNOC signed an MoU today to jointly develop and build an integrated refinery and petrochemicals complex at Ratnagiri in Maharashtra.
The project will be implemented by Ratnagiri Refinery & Petrochemicals Ltd. (RRPCL), a Joint Venture company between IOCL,BPCL& HPCL with equity participation of 50:25:25 respectively.
The JV was formed in 2017 to implement a 60 MMTPA (1.2 MMBD) Integrated Refinery & Petrochemicals Project at Ranagiri, Maharashtra. The expected Petrochemical production is likely to be around 18 MMTPA. The estimated cost of the Project would be around Rs. 3,00,000 crores (around 44 billion dollars). This would potentially be one of the largest Projects in the world.
Now, the project will be set up as a 50:50 joint partnership (50:50) between the consortium from India and Saudi Aramco and ADNOC. This will be single largest overseas investment in the Indian refining sector.
Earlier, Saudi Aramco had joined the project by signing an MoU with the Indian consortium on 11th April 2018 on the sidelines of the16 International Energy Forum Ministerial. Saudi Aramco also sought to include another strategic partner to co-invest in the project as an overseas investor.
The strategic partnership brings together crude supply, resources, technologies, experience and expertise of these multiple oil companies with an established commercial presence around the world.
The mega refinery will be capable of processing 1.2 million barrels of crude oil per day (60 million metric tonnes per annum). It will produce a range of refined petroleum products, including petrol and diesel meeting BS-VI fuel efficiency norms. The Refinery will also provide feedstock for the integrated petrochemicals complex, which will have the capacity of producing approx. 18 million tonnes per annum of petrochemical products.
The MoU was signed between Saudi Aramco President and CEO, Amin H. Nasser and H.E.Dr. Sultan Ahmed Al Jaber, UAE Minister of State & ADNOC Group CEO. RRPCL will rank among the world’s largest refining & petrochemicals projects and will be designed to meet India’s fast-growing fuels and petrochemicals demand. The project cost is estimated at around Rs.3 lakh crore (USD 44 billion).