Saudi Aramco ‘interested’ in $11bn Indian refinery

Saudi Aramco is reportedly interested in building a refinery and petrochemicals complex in partnership with Bharat Petroleum Corporation (BPCL) in the southern Indian state of Andhra Pradesh.

The estimated cost of the project is INR960 billion ($10.5 billion), India’s Economic Times newspaper reported, quoting unidentified industry officials.

The complex, which will be situated near Ramayapatnam port in Andhra Pradesh, will have a capacity of up to 12 million metric tonnes per annum, the report said.

Meanwhile, Abu Dhabi National Oil Company (Adnoc) is said to have withdrawn from the Ratnagiri Refinery and Petrochemicals project in the western state of Maharashtra, while Aramco is seeking to revise the terms of its participation.

The refinery was proposed as a joint venture between Aramco, Adnoc and the Indian state-owned Indian Oil Corporation, Hindustan Petroleum Corporation and BPCL in 2018. The refinery project, however, is delayed due to land procurement.

In June 2025 state-owned Oil and Natural Gas Corporation was reportedly in talks with Aranci to develop a greenfield refinery in Gujarat, the home state of Indian Prime Minister Narendra Modi.

In 2019 the Saudi-listed oil company signed a non-binding agreement to buy a 20 percent stake in Reliance Industries’ oil-to-chemical business. The deal was called off due to differences over valuation. 

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