Monday, 23 July, 2018

Saudi Aramco to hold 50 per cent stake in Ratnagiri Refinery

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Andrew Cummings | 12 April, 2018, 07:26

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. "What we are trying to do is (that) supply and demand are closely matched so that markets are not anxious about gluts and over-supply and continued investment will flow into the industry", he told reporters here.

According to him, his company is considering increasing the capacity of 603,000 barrels per day to the refinery to 1.0-1.5 million barrels per day, which will make it the largest in the world.

Saudi Aramco, the world's largest producer of crude oil, has made a decision to buy a 50-percent stake in a $44-billion Indian oil refinery, officials said Wednesday. (RRPCL) for an estimated $44 billion mega refinery and petrochemicals complex on India's west coast.

Like other major producers, Aramco is looking to lock in customers in the world's third-largest oil consumer through the investment.

Saudi Aramco signed on Wednesday a Memorandum of Understanding (MOU) with "Ratnagiri Refinery and Petrochemicals Ltd".

"We are not getting into retail without having a manufacturing hub", he said.

The complex will be integrated downstream of the SATORP refinery, a joint venture between Saudi Aramco (62,5%) and Total (37,5%) in Jubail, in a move created to fully exploit operational synergies.

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"What is left is are we going to list outside, and if we are going to list outside, where", said Jadaan.

Saudi petrochemical company SABIC is also keen to invest in a cracker and other facilities in India, Falih said.

India plans to expand its refining capacity by 77 percent to about 8.8 million barrels per day by 2030.

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.

The Indian accord is just the latest in a string of deals - with French, US and Malaysia companies - announced by Aramco as it seeks to secure buyers for its oil.

Saudi Arabia was "extremely concerned" when oil approached Dollars 150 a barrel in 2007 as they ultimately crash due to over-supply and reduction in demand. For India too, Saudi Arabia was the biggest source of crude till 2016-17 (April-March) till it lost that position to Iraq in 2017-18.

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