Work will start in a phased manner and the entire project is expected to be completed by 2025, Aramco CEO Amin Nasser told reporters. Over the last few years, the Middle East kingdom has committed billions to projects in Malaysia and Indonesia, as well as a new refining and petrochemical plant in China.
India's petroleum minister Dharmendra Pradhan said the relationship between India and Saudi Arabia has progressed from the level of a buyer and seller to that of a 'strategic partnership'.
The project includes a 1.2-million-barrels-per-day (bpd) refinery integrated with petrochemical facilities with a total capacity of 18 million tonnes per year, the officials said on the sidelines of the International Energy Forum.
The hotly-awaited stock market debut of the Saudi energy giant will be launched in 2018 or 2019, depending on the market, the kingdom's finance minister told AFP on Tuesday.
RRPCL will rank among the world's largest refining & petrochemicals projects and will be created to meet India's fast-growing fuels and petrochemicals demand.
The Indian government is seeking Saudi Arabia's participation in grassroots refinery projects coming up in the country, Mint had reported on 3 May 2007.
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Facebook has officially released the correct number of Nigerian users their data were accessed by Cambridge Analytica. Roger Wicker, R-Miss., said. "Foreign interference in our elections, terrorism, self-harm", Zuckerberg said.
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The Ministry of Defence on April 6 said India is in process of acquiring 110 fighter aircraft. This will be Rahul's second visit to Amethi after becoming Congress chief.
"In addition to the refinery, cracker and downstream petrochemicals facilities, the project will also include the development of associated facilities such as a logistics, crude oil and product storage terminals, raw water supply project as well as centralised and shared utilities", it added.
The deal with Total involves the construction of a petrochemical complex at their Jubail Satorp refinery, a joint venture in which Saudi Aramco holds a 62.5 percent stake, while Total holds the other 37.5 percent.
Coffman did not provide a timeline for the possible expansion of the Port Arthur refinery's crude oil processing capacity.
"Our joint venture Satorp is a remarkably successful model of industry partnership and we are keen to build on this success to further underpin Saudi Aramco's strategy to expand its capacity in the chemicals sector by 2030", added Nasser. He confirmed on Wednesday that a preliminary deal will be signed with Aramco.
The agreement, worth $6.3 billion at list prices, also comprises a long-term maintenance and service agreement with CFM, the carrier said in a statement.
Al-Falih, said India is a priority destination for Saudi investment and Aramco will continue to scout for opportunities beyond the west coast refinery.