Aramco, government oil companies to jointly invest Rs 3 lakh crore in refinery

After being fully operational, here every 12 lac barrels of crude oil will be manufactured from petrol and diesel. With this kind of production capacity, it will be one of the world's eight big refinery cum petrochemicals complexes

New Delhi: Government Oil Companies and Saudi Aramco of Saudi Arabia have agreed to install refinery cum petrochemical complex in Ratnagiri in Maharashtra. This project of Rs. 3 lakh crore is expected to be operational by 2025.

After being fully operational, here every 12 lac barrels of crude oil will be manufactured from petrol and diesel. With this kind of production capacity, it will be one of the world's eight big refinery cum petrochemicals complexes. The oil companies signed the MoU in the presence of Oil Minister Dharmendra Pradhan and Saudi Arabia's Energy Minister Khalid Al-Falih. In this project, the share of Saudi companies and Indian companies will be 50-50 per cent. Indian companies include Indian Oil, Bharat Petroleum and Hindustan Petroleum.

Under the project, gasoline diesel will be prepared in accordance with fuel standard India Standard ie BS-6. Keep in mind that the sale of BS-6 standard petrol-diesel in the National Capital Region has begun on 1st April whereas in the rest of the country, it is necessary to do this by April 1, 2020. On the other hand, there is a growing demand for BS-6 standard fuel in different countries of the world. In such a big market has been prepared for the new refinery. By the use of crude oil on the other hand, 18 million tonne petrochemical products can be prepared every year.

Pradhan claims that through new projects, there will be new opportunities for employment in Maharashtra directly and indirectly. At the same time, in the area of ​​project area, economic prosperity will be seen. Al-Falih, on the other hand, said that India is among the priority countries for Saudi Arabia. He is ready to provide at least half the crude oil requirement for the new project.

The Saudi Arabian minister urged the Indian government to allow Aramco to do retail business here. "Aramkou does not want to be limited to preparing goods in India, but would rather sell it itself," said Al-Falih. Keep in mind that at this time there are four government companies, Indian Oil, Bharat Petroleum, Hindustan Petroleum and Mangalore refinery in addition to the petrol pump, apart from that, gas and gas stations of Reliance and Shell are also open in different places across the country. .