The Indian state of Maharashtra has identified a new location where India, in partnership with the state oil companies of Saudi Arabia and the UAE, plans to build a giant US$44-billion refinery, the chief minister of Maharashtra state, Devendra Fadnavis, said on Wednesday. In June last year, Saudi Aramco and the Abu Dhabi National Oil Company (ADNOC) signed a framework agreement and a memorandum of understanding with a consortium of Indian national oil companies to join the mega project in the Maharashtra state on India’s west coast. Saudi Aramco and ADNOC will jointly own 50 percent of the new joint venture company RRPCL, while the other 50 percent will be held by the Indian consortium. The parties agreed to explore a strategic partnership and co-investment in the development of the US$44 billion mega refinery . By investing in the giant Indian refinery, the national oil companies of leading OPEC […]