Saudi Aramco is committed to $44-bn Ratnagiri refinery-cum-petrochemicals complex: Project CEO

NEW DELHI: Saudi Aramco remains engaged with the proposed $44-billion refinery-cum-petrochemicals complex in Maharashtra, the project’s CEO said amid speculation that the oil crash may tempt Saudis to dump the venture for a stake in BPCL or Reliance Industries NSE 1.34 %’ refinery.

“This project is not competing with any other Indian project for foreign investment and can stand on its own merit, attract investment and offer decent returns,” B Ashok, the CEO of Ratnagiri Refinery & Petrochemicals Ltd, which is setting up the 60 million tonnes a year refinery, told ET in an interview. “From a long-term perspective, it serves the interest of foreign investors well as it will not require immediate cash flow and offer access to one of the few markets in the world where oil demand is expected to grow.”