Riyadh – Mubasher: State-run Saudi Aramco on Wednesday signed a memorandum of understanding (MoU) with India's Ratnagiri Refinery and Petrochemicals Ltd (RRPCL) to establish a full-fledged refinery and petrochemicals complex in Ratnagiri, India with $44 billion in investments.

RRPCL is a three-company consortium comprising Indian Oil Corporation Ltd. (IOCl), Bharat Petroleum Corporation Ltd. (BPCL), and Hindustan Petroleum Corporation Ltd. (HPCL),  the world's largest oil producer said in a statement.

The contract entails developing a giant refinery, in addition to an integrated petrochemical complex, Aramco added. 

The refinery will be able to process 1.2 million barrels per day (bpd) of crude oil, as well as provide refined oil products such as gasoline and diesel, it added.

The refinery will offer feedstock for the petrochemical complex, whose production capacity will reach about 18 million tonnes per year.

Upon the completion of the project, it will be one of the world's largest refinery and petrochemicals projects.

The initial feasibility study for the refinery had been finalised, the Middle Eastern oil giant noted, giving no further details on the timetframe of the megaproject.

The project will include setting up associated facilities of the refinery, comprising logistics, crude oil and product storage terminals, raw water supply, and centralised and shared utilities, the statement showed.

Earlier on Wednesday, an informed source has said that India is ready to give Aramco a 50% stake in a refinery that will be established on its western coast.