Published: Thu, April 12, 2018
Medicine | By Daryl Nelson

Saudi Aramco Takes Part in Saudi-France CEOs Forum in Paris

Saudi Aramco Takes Part in Saudi-France CEOs Forum in Paris

India's three oil marketing companies have today signed an agreement with Saudi Aramco, the world's largest producer of crude oil, to set up a Dollars 44-billion oil refinery in Maharashtra.

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.

The project "will rank among the largest world refining and petrochemicals projects", the Saudi company said.

Motiva Enterprises LLC, a wholly-owned downstream oil and gas subsidiary of Saudi Aramco, recently signed MoUs worth between US$8 billion - US$10 billion with United States companies Honeywell UOP LLC and TechnipFMC plc, in a ceremony in Houston timed to coincide with the official visit to the USA by HRH Crown Prince Mohammed bin Salman of Saudi Arabia. A year ago it opened an office in New Delhi. Saudi Arabia-once India's largest crude oil supplier-is now India's second largest provider of crude oil, after Iraq. When asked what took Saudi Arabia so long to enter the business here, he said, "Saudi Aramco has been interested in India for decades".

Indian companies - Indian Oil, Hindustan Petroleum and Bharat Petroleum - have floated a joint-venture Ratnagiri Refinery & Petrochemicals (RRPL), to build the proposed refinery in the western state of Maharashtra. By comparison, the market value for iPhone maker Apple is about $877 billion, and the total value of shares traded on the New York Stock Exchange was more than $20 trillion as of previous year. "As much as we are sympathetic with the price pinching".

Wholesale prices show hint of inflation
Machine orders are expected to sink 2.5% on month and be flat on year after climbing 8.2% on month and 2.9% on year in January. They argue that this scenario could compel the Fed to increase interest rates three more times this year.

Aramco CEO Amin Nasser signed memoranda of understanding worth $8bn to $10bn with Honeywell UOP and TechnipFMC to study petrochemical production technology for use in a chemical plant the company is considering building at the Port Arthur refinery. "We want to be in every neighbourhood, every city, providing energy solutions", he said. "We will only list when the market is right", he said.

Saudi Aramco operates a 400,000-barrel-per-day refinery in Jizan, part of a new economic city on the Red Sea.

In addition to the refinery, cracker and downstream petrochemicals facilities, the project will also include the development of associated facilities such as a logistics, crude oil and product storage terminals, raw water supply project as well as centralised and shared utilities.

Chinese customs data showed imports from Saudi Arabia rose only 2.3 percent on 2017 from the previous year, below the overall increase of 10.2 percent.

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