Maha refinery on Saudi radar

Maha refinery on Saudi radar

The new figure came from readout of a meeting in the UAE between Saudi Crown Prince Mohammed bin Salman and Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan on Wednesday evening.

FPJ BureauUpdated: Friday, November 29, 2019, 06:39 AM IST
article-image

DUBAI: Saudi Arabia and the United Arab Emirates discussed a planned refinery in the western Indian state of Maharashtra that will cost at least USD 70 billion, a figure that exceeds the initial USD 44 billion estimate previously announced.

The new figure came from readout of a meeting in the UAE between Saudi Crown Prince Mohammed bin Salman and Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan on Wednesday evening.

The statement said the two sides discussed the initiative, first announced in 2018, to develop the refinery and petrochemicals complex, which would secure the supply of 600,000 barrels per day of Saudi and Emirati crude oil for India's market.

The project, which would be run by a consortium that includes Saudi Aramco and ADNOC, has yet to begin or secure land.

RECENT STORIES

Tata Group-Owned Indian Hotels Net Profit Jumps 26.56% To ₹329 Crore In Q1 FY26, Revenue Rises To...

Tata Group-Owned Indian Hotels Net Profit Jumps 26.56% To ₹329 Crore In Q1 FY26, Revenue Rises To...

Hexaware Acquires 100% Stake In SMC Squared For ₹1,029 Crore To Boost Global Capability Centre...

Hexaware Acquires 100% Stake In SMC Squared For ₹1,029 Crore To Boost Global Capability Centre...

Waaree Renewable's Q1 Net Profit Rises 207% YoY To ₹86 Crore Despite Sequential Dip; Revenue Jumps...

Waaree Renewable's Q1 Net Profit Rises 207% YoY To ₹86 Crore Despite Sequential Dip; Revenue Jumps...

Gold Slips ₹200 To ₹98,670/10g, Silver Tumbles ₹500 To ₹1,10,500/Kg

Gold Slips ₹200 To ₹98,670/10g, Silver Tumbles ₹500 To ₹1,10,500/Kg

Axis Bank Q1 FY26 Net Profit Falls 4% To ₹5,806 Crore Amid Rise In Bad Loans

Axis Bank Q1 FY26 Net Profit Falls 4% To ₹5,806 Crore Amid Rise In Bad Loans