Saudi Aramco to build crude oil refinery in India

Aaron Brown
April 12, 2018

Saudi Aramco and French energy and chemical company Total SA have signed a memorandum of understanding to build a "giant petrochemical complex" in Jubail, Saudi Arabia. The proposed refinery, he said, will have the capacity to process 1.2 million barrels of crude oil per day which roughly translates to 60 million tonnes per annum. Saudi Arabia also plans to open its own retail outlet in the world's third largest consumer of the oil.

Aramco, now a 50 percent stakeholder in the project, announced that it may, in the future, seek partners to share in its portion of the refinery stake.

Saudi Arabia's state-owned Saudi Aramco last Saturday took the initial steps to expand into petrochemicals, in the USA - a project which could also double the size of America's largest refinery. "Aramco will not stop discussing other opportunities because we see India as a priority destination for our investment and energy supplies", Khalid Al-Falih said. "We want to be consumer-facing".

It said the Ratnagiri complex "will rank among the largest world refining and petrochemicals projects and will be created to meet India's fast-growing fuels and petrochemicals demand". Saudi Arabia was the biggest oil supplier to India till 2016-17, but slipped behind Iraq last fiscal. "We will only list when the market is right", he said.

He also noted the opening of Aramco Asia's New Delhi Office in 2017 with a mandate to expand the Saudi Aramco's global portfolio in this key economic growth region.

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It's likely to continue to surrender market share to rivals in China, and if Sinopec has no difficulty obtaining alternative supplies it undermines any narrative that oil markets are tight and prices should rise further. Aramco has a refinery joint venture with Sinopec and Exxon Mobil, and is building a 300,000-bpd refinery with Norinco.

On Monday, Yemeni forces fired a domestically-manufactured ballistic missile at Nahouqa military base in Saudi Arabia's southern Najran region.

Saudi Aramco had also initially shown interest in IOC's 15 million tonnes Paradip refinery in Odisha but walked out of the project in 2006.

Still, the kingdom has already hired longtime Dow Chemical Chief Executive Officer Andrew N. Liveris to act as an adviser after he departs the DowDuPont Inc. unit on July 1, said Saudi Basic Industries Corp.

Nasser said he was not anxious by rising supplies from regional rivals to India.

Other reports by Free-Prsite

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