India and Saudi Arabia are expected to finalise during Prime Minister Narendra Modi’s Riyadh trip next week the refinery project in Raigad, Maharashtra, which had to be relocated from Ratnagiri because of local protests and the Shiv Sena’s opposition.
This will be the largest greenfield refinery in India and will involve investments from Saudi Arabia’s Aramco, the United Arab Emirates’ ADNOC and Indian public-sector oil companies.
India also hopes to sign a memorandum of understanding on a joint venture between Indian Oil’s West Asian subsidiary — IOC Middle East FZE — and the Al-Jeri Company of Saudi Arabia for downstream cooperation to set up retail outlets in the kingdom, a bureaucrat said.
