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Saudi Aramco signs agreement to build a refinery in India

Saudi Aramco signs agreement to build a refinery in India

Ending speculations of will it or will it not, Saudi Arabia has finally made its entry into the Indian oil sector with Saudi Aramco, the world's largest oil producer, signing an MoU with a consortium of Indian refiners to set up a mega refinery project here.

Amin Nasser, CEO of Saudi Aramco, signed a memorandum of understanding (MoU) with Ratnagiri Refinery & Petrochemicals, a consortium consisting of Indian Oil Corporation Limited (IOCL), Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL).

This investment will not be a full stop yet in India for Saudi Aramco as it is "very much interested" in entering the fuel retail market and scout for other opportunities. The refinery-cum-petrochemical complex is expected to be commissioned by 2022.

Besides geopolitical factors lifting crude oil prices, the commodity's value was boosted somewhat by US inventories. The technology would produce 2 million tons a year of ethylene, which is used to make plastics, Motiva said. The International Energy Agency anticipates that petrochemicals will account for a quarter of the growth in global oil consumption during the next five years as electric cars and renewables erode demand for gasoline.

Oil's rally to $70 a barrel is threatening to clip India's economic wings at a time when Saudi Arabia is looking to join a $30 billion refinery project in the world's fastest growing market.

The oldest man of the planet is a 112-year-old Japanese
Previously, the record of longevity belonged to Francisco Nunez Oliver, who died at the age of 113 years in Spain in January 2018. Jiroemon Kimura , a Japanese who died in 2013 at 116, was recognized by Guinness as the longest-lived man in history.

The exchange expects an influx of foreign funds to smooth the listing of national oil firm Saudi Aramco, despite doubts from some analysts, the exchange's chief executive explained on Sunday.

Saudi Aramco had also initially shown interest in IOC's 15 million tonnes Paradip refinery in Odisha but walked out of the project in 2006. "We will match that with commitment, with action and with unmatched flow of FDI", he added.

"The government has double standards and now stands exposed in front of the people of Konkan", Satyajit Chavan, Convener, Committee for Opposing Destructive Projects in Konkan told The Hindu.

With all political parties, including the ruling Shiv Sena, backing the locals, Chavan's warning that the protest will only pick up steam here on seems no idle threat.

Al Helal emphasised the importance of measurement and geographical information systems when running critical projects across the kingdom.

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