SAUDI - INDIA'S REFINERY: $44 BLN
PLATTS - India's state-run refiners and Saudi Aramco signed an agreement Wednesday to jointly build an integrated refinery and petrochemical complex on India's west coast at a cost of $44 billion, Saudi energy minister Khalid al-Falih said.
Aramco will hold a 50% stake in the project, he told reporters on the sidelines of the International Energy Forum in New Delhi.
Work will start in a phased manner and the entire project is expected to be completed by 2025, Aramco CEO Amin Nasser told reporters.
The three Indian state-run refiners -- Indian Oil Corp., Hindustan Petroleum Corp. Ltd. and Bharat Petroleum Corp. Ltd. -- will hold the remaining 50% stake in the venture, according to Indian oil ministry officials.
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