The refinery portion, to be located on India’s West Coast, will be able to refine 1.2 million barrels per day, and goes a long way towards satisfying both India’s and Saudi Arabia’s interests. Saudi Arabia and the Indian consortium known as Ratnagiri Refinery & Petrochemicals, will each hold a 50 percent stake in the venture. Other reports have the capacity pegged at 300,000 barrels per day . Saudi Arabia will supply half of the crude oil that will be refined. India—the world’s third largest oil consumer—has been pushing for reasonable crude oil pricing from The Kingdom. Saudi Arabia—once India’s largest crude oil supplier—is now India’s second largest provider of crude oil, after Iraq. The refining project will go a long way towards ensuring favorable crude oil supplies and will serve as partial fulfillment of India’s earlier promise to increase its refinery capacity by 77 percent to 8.8 million barrels […]