Saudi, UAE discuss $70B crude refinery project in India

Saudi, UAE discuss $70B crude refinery project in India | iNFOnews.ca
In this Wednesday, Nov. 27, 2019, photo released by Ministry of Presidential Affairs, Saudi Crown Prince Mohammed bin Salman, center left, and Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan, center right, are greeted by the Emirati children at Qasr Al Watan in Abu Dhabi, United Arab Emirates. Saudi crown prince is in the United Arab Emirates for talks that are expected to focus on the war in Yemen and tensions with Iran. (Mohamed Al Hammadi/Ministry of Presidential Affairs via AP)

DUBAI, United Arab Emirates – Saudi Arabia and the United Arab Emirates discussed a planned refinery in the western Indian state of Maharashtra that will cost at least $70 billion, a figure that exceeds the initial $44 billion estimate previously announced.

The new figure came from readout of a meeting in the UAE between Saudi Crown Prince Mohammed bin Salman and Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan Wednesday evening.

The statement said the two sides discussed the initiative, first announced in 2018, to develop the refinery and petrochemicals complex, which would secure the supply of 600,000 barrels per day of Saudi and Emirati crude oil for India’s market.

The project, which would be run by a consortium that includes Saudi Aramco and ADNOC, has yet to get started or secure land.

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