Govt offers Rs 1.5l-cr Maha refinery stake to Saudi Arabia
business Updated: Jun 07, 2016 06:33 IST
NEW DELHI: The government on Monday said it has offered Saudi Arabia a stake in its mega oil refinery and petrochemicals project proposed in coastal Maharashtra set up at an estimated cost of Rs 1.5 lakh crore.
“Recently, I met Saudi officials with an offer of a stake in the proposed mega refinery project in Maharashtra, for which we have already appointed Engineers India as the PMC (project management consultants).
“We have also finalised the contours of the special purpose vehicle that will carry out this large project ,” petroleum minister Dharmendra Pradhan told reporters after launching a road-show for auctioning 46 small oil and gas fields to prospective investors.
Pradhan said last week that Saudi Aramco, the national oil company of Saudi Arabia, which is also the world’s largest oil and gas company in terms of reserves and output, is keen to enter the domestic oil distribution market.
The minister said work on the 60-million-tonne project will begin once the Maharashtra government identifies and acquires the land.