Saudi Aramco to buy 50% stake in $44-bln oil refinery in Maharashtra

Saudi Aramco, the world's largest oil producer, will buy 50 per cent stake in the mega USD 44-billion oil refinery in Maharashtra.

A memorandum of understanding (MoU) to this effect was signed on sidelines of the International Energy Forum (IEF) conference here.

Saudi Oil Minister, Khalid A. Al-Falih, said India is a priority destination for Saudi investment and Aramco will continue to scout for opportunities beyond the west coast refinery.

Saudi Arabia will supply half of the 60 million tonne capacity, he said.

State-owned IOC, BPCL and HPCL will hold the remaining 50 per cent stake in the project.