Hours before the Election Commission announced the dates of the Lok Sabha polls, India and Saudi Arabia came to an understanding to revive and ‘expedite’ the implementation of $44 billion West Coast refinery project in Maharashtra, in which Saudi Aramco will be holding a considerable stake.
The decision may have political repercussions in the state as setting aside the project was one of the conditions put forward by the Shiv Sena for an electoral tie up with the Bharatiya Janata Party (BJP).
Global majors such as Saudi Aramco and Abu Dhabi National Oil Company (Adnoc) had formed a joint venture with Indian state-run oil marketing companies — Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) — to hold 50 per cent stake in Ratnagiri Refinery and Petrochemicals (RRPCL).
