Riyadh – Mubasher: Saudi Aramco may purchase a majority stake in a refinery and petrochemical complex in Western India, the Economic Times reported on Monday, citing informed sources as saying.

The complex’s value amounts to INR 3 trillion ($46.1 billion), the sources told the Indian newspaper, noting that Aramco plans to acquire marketing rights for fuel and petrochemical production at the refinery.

The largest international oil producer is holding discussions with Indian government-owned firms to take a role in the refinery whose annual capacity reaches 60 million tonnes.

“Indian Oil Corp Ltd owns 50% of the complex, while Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd have the rest,” the Economic Times newspaper said. It added that the Saudi oil firm was not available for comments regarding the deal.

The paper further added that Aramco was looking for assurance that the refinery would use Saudi oil in its operations.