India, Saudi Arabia to Build $44 Billion Refinery in Maharastra

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India and Saudi Arabia on Wednesday signed an agreement to set up a crude-oil refinery with a capacity to process 1.2 million barrels a day in the western Indian state of Maharashtra.

State-run Saudi Aramco will hold a 50% stake in the refinery while ownership of the remaining half will be shared by three Indian state-run refiners and retailers— Indian Oil Corp ,Hindustan Petroleum Corp  and Bharat Petroleum Corp.

 

This is a clear challenge to Iran, which has aspirations of building a gas pipeline from Iran to India. There is no question that it will have profound implications on Iran’s oil production

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