Saudi UAE discusses $70 billion refineries in India
Saudi, UAE discusses $70 billion refineries in India
Saudi, UAE discusses $70 billion refineries in India |Saudi Arabia UAE considers setting up $ 70 billion refineries in India. Saudi Arabia and the United Arab Emirates negotiated to set up a $ 70 billion refinery in India’s western state of Maharashtra. It should be noted that these new investment figures are higher than the previously announced $ 44 billion. Foreign news agency AP reports that new data of $ 70 billion is released after a meeting between Saudi Wali-e-Mohammad Mohammed bin Salman and Abu Dhabi’s Wali-e-Mohammad Mohd bin Zayed Al Nahyan in the United Arab Emirates yesterday. The statement came out. The investment plan announced in 2018 was discussed between the two leaders, the statement said.
With this investment, the refinery and petrochemicals complex is to be constructed where 6 million barrels of Saudi and UAE crude will be supplied to the Indian market daily.
The land is still to be purchased for the project, in partnership with Saudi Aramco and Abu Dhabi National Oil Company Adnoc. It is to be noted that Aramco and the UAE government company Abu Dhabi National Oil Company signed an agreement last year with India’s state-owned oil company which plans to produce 1.3 million barrels of oil per day in the state of Maharashtra. However, work on the project was delayed due to thousands of farmers’ refusal to give land, while Maharashtra’s state government is planning to move the project to another location. Saudi Bin Laden’s visit to India in February this year, where he said he expects to invest $ 100 billion in India over the next two years.