Saudi Aramco is negotiating the acquisition of a majority stake in a massive oil refining complex set to be built in the western Indian state of Maharashtra, India‚Äôs Economic Times reported , citing unnamed sources with knowledge of the matter. The Saudi company is insisting on the marketing rights over the entire fuels and petrochemicals output of the 60-million-tons-a-year refinery. It also wants assurances that the complex will use mostly Saudi crude for processing, the sources said. The refinery, which is currently 50-percent owned by Indian Oil Corporation, and by Bharat Petroleum and Hindustan Petroleum with 25 percent each, is estimated to cost US$46.1 billion (3 trillion rupees). It should be completed by 2022 and will have a daily throughput capacity of 300,000 bpd of crude. This is certainly an extremely lucrative opportunity for the Kingdom, which is actively seeking new investment opportunities outside crude oil production. Refining is […]