UAE-Saudi to build oil refinery, petrochem complex in India

28/11/2019 Argaam

 

The UAE-Saudi Coordination Council discussed a number of strategic initiatives including building a mega, full-fledged oil refinery and a high-tech petrochemicals complex at an estimated initial cost of SAR 70 billion in India, WAM reported.

 

The refinery’s production capacity is forecast to account for 1.2 million barrels per day (mbpd) and produce not less than 600,000 bpd of UAE and Saudi oil to India.

 

The initiative is aimed at accessing the promising Indian market with a number of chemical products, in addition to exporting the output surplus to global markets.

 

Last year, Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) signed a framework agreement to explore opportunities for collaboration in the Natural Gas and Liquefied Natural Gas (LNG) sector.

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