Aramco, RRPCL sign MOU on petrochemical project

16 April 2018

Saudi Aramco recently signed a Memorandum of Understanding (MOU) with “Ratnagiri Refinery and Petrochemicals Ltd.” (RRPCL), a consortium of Indian oil companies which includes The Indian Oil Corporation Ltd. (IOCl), Bharat Petroleum Corporation Ltd. (BPCL), and Hindustan Petroleum Corporation Ltd. (HPCL), to jointly develop and build an integrated mega refinery and petrochemicals complex at Ratnagiri, in the state of Maharashtra. Saudi Aramco may also seek to include a strategic partner to co-invest in the mega refinery. The project cost is estimated at around $44 billion.

Petrochemical project

The strategic partnership brings together crude supply, resources, technologies, experience, and expertise of these multiple oil companies with an established commercial presence around the world.

The refinery will be capable of processing 1.2 million barrels of crude oil per day. It will produce a range of refined petroleum products, including gasoline and diesel, meeting BS-VI fuel efficiency norms. The refinery will also provide feedstock for the integrated petrochemical complex, which will be capable of producing approximately 18 million tons per annum of petrochemical production. In addition to the refinery, cracker and downstream petrochemical facilities, the project will include associated facilities such as a logistics, crude oil and product storage terminals, raw water supply, as well as centralized and shared utilities.