The Indian government has identified a new site for the $44bn oil refinery that is being built by three state-run firms along with Saudi Aramco and ADNOC, according to Maharashtra chief minister Devendra Fadnavis.
The new site in Maharashtra is in Raigad district, which is approximately 100km south of Mumbai, India’s financial capital.
The refinery was initially meant to be built at Nanar, a village in the Ratnagiri district of Maharashtra, about 400km south of Mumbai. Refining & Petrochemicals Middle East, our sister publiction, reported that a group of farmers refused to surrender their land as the region is famous for Alphonso mangoes, cashew farms and fishing colonies. Because of the protests, the regional government suspended the land acquisition.
Together, Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation own 50% stake in the Ratnagiri Refinery and Petrochemicals Ltd, the company that is building the refinery. The remaining stake is owned equally by Saudi Aramco and ADNOC.
The 1.2mbpd refinery and integrated petrochemical project will provide India steady fuel supply. Saudi Arabia’s and UAE’s interest in the project is to ensure regular buyers for their oil.
City and Industrial Development Corporation plans to acquire land from 40 villages in Raigad for the refinery.
