KOTRA Signs MOU with Saudi Aramco to Enhance Biz Ties

  • KOTRA Signs MOU with Saudi Aramco to Enhance Biz Ties

KOTRA Signs MOU with Saudi Aramco to Enhance Biz Ties

RRPCL will rank among the world's largest refining & petrochemicals projects and will be created to meet India's fast-growing fuels and petrochemicals demand.

The project cost is estimated at around $44 billion; Saudi Aramco may also seek to include a strategic partner to co-invest in the mega-refinery.

"The air force announced the execution of air strikes with the Qasef-1 aircraft on Aramco in Jizan (province)", the channel said on its Twitter account, referring to a drone the Houthis unveiled previous year.

Coffman also said Motiva was evaluating increasing the 630,000 barrel-per-day (BPD) Port Arthur refinery's capacity to 1 million or 1.5 million BPD (MMBPD) - the latter making it the largest refinery in the world.

Saudi's petrochemical company SABIC is also keen to invest in a cracker and other facilities inIndia, he said.

Saudi Arabia's small stock exchange is scrambling to prepare for the world's biggest initial public offering: shares in the country's oil driller Aramco.

According to a statement, the final investment decisions on the projects are expected in 2019 and are dependent on strong economics, competitive incentives and regulatory support.

"We're very much interested in retail".

As per the MoU, the project will be a 50:50 joint partnership venture between Aramco and a consortium of Indian oil companies, including the IOC, BPCL and HPCL.

Aramco, at a later date, plans to dilute some of its 50 per cent equity stake in the 60 million tonne-a-year refinery project in favour of another strategic investor, visiting Saudi Oil Minister Khalid Al-Falih told reporters here.

The coalition has launched thousands of air strikes which have hit schools, markets and hospitals, killing hundreds of people - though it says it does not target civilians. "We want to be consumer-facing", he added.

Saudi Arabia, for its part, has been looking to regain its position as top crude supplier to the thirsty Asian nation, and has been investing in other Asian refineries overseas in an attempt to lock in as much demand as it can. Iraq displaced Saudi Arabia for the first time on an annual basis in 2017, data compiled by Reuters showed.

Saudi Aramco, the world's largest oil company, signed two separate agreements with oil-equipment makers TechnipFMC, which has headquarters in Houston, Paris and London, and Honeywell UOP to study their production technologies and potentially build a manufacturing complex on the U.S. Gulf Coast.