Saudi Aramco to take 50% stake in planned $44bn Maharashtra refinery

Aramco eyes new petchem plant in Texas

Aramco eyes new petchem plant in Texas

So far, Saudi Arabia's Tadawul is the only confirmed listing exchange for Saudi Arabian Oil Co., the giant company better known as Aramco, which the kingdom estimates could be worth $2 trillion. Saudi Aramco will buy 50 per cent stake in the mega oil refinery project in Maharashtra, while the remaining 50 per cent stake will be held by the three state-owned oil marketing companies.

Saudi petrochemical company SABIC is also keen to invest in a cracker and other facilities in India, Falih said.

While Indian Prime Minister Narendra Modi's administration reaped the benefits of the biggest price crash in a generation during its first term in power, oil is recovering as the government gears up for elections next year. "But we never looked away from India".

India is the world's third biggest consumer of crude after the US and China, accounting for four per cent of world consumption in 2015, according to the US Energy Information Administration.

He said Aramco is also keen on venturing into fuel retailing.

Saudi Aramco is displaying its latest GIS maps and applications at the 12th National Forum for Geographic Information Systems (GIS) and exhibition, organised by Imam Abdulrahman Bin Faisal University in Dammam, Saudi Arabia. "We want to be consumer-facing", he said. We are tyring to signal to all the stakeholders that there will be certainly and that we will not sit by and let another glut re-surface in the coming year and bring the market.

The heightened prospects of conflict between the US and Russian Federation and also between Saudi Arabia and Iran raised the prospect of an interruption in the global supply of crude oil, which has risen since Friday by about 7%. Saudi Arabia is competing with Iraq to be India's top oil supplier. India's expanding economy and a burgeoning middle class driving automobile sales makes it an attractive market for oil producers.

"This project illustrates our strategy of maximizing the integration of our large refining and petrochemical platforms and of expanding our petrochemical operations from low-priced feedstock, to take advantage of the fast growing Asian polymer market", said Patrick Pouyanné, Chairman and CEO of Total.

The deal signed with Aramco also includes the development of product storage terminas, centralised and share utilities, raw water supply project and logistics associated with the petrochemical industry, apart from building the refinery for crude oil processing.

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