Aramco to enter retail after completing $44 bln Indian refinery

12/04/2018 Argaam

 

Saudi Aramco, the world's largest oil producer, will venture into fuel retailing in India only after the proposed $44 billion refinery-cum-petrochemicals complex is ready, company CEO Amin Nasser told India’s Economic Times.

 

“We are not getting into retail without having a manufacturing hub,” he said, adding, it will tie-up with a local partner for the retail venture.

 

Aramco on Wednesday signed a memorandum of understanding (MoU) with Ratnagiri Refinery and Petrochemicals Ltd (RRPCL) to jointly develop and build an integrated mega refinery and petrochemicals complex worth $44 billion at Ratnagiri, Maharashtra.

 

Ruling out concerns over losing share in the Indian crude supply market to other oil producers, Nasser said: “We are not losing in terms of supply, but you know, we are abiding by OPEC agreement."

 

OPEC and non-OPEC nations agreed last year to cut oil output by 1.8 million barrels a day, or around 2 percent of global production throughout 2017 and 2018. 

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.