Saudi and UAE plan on setting up $70 billion crude refinery in India

Saudi Arabia and United Arab Emirates (UAE)  are planning on setting up a refinery in the western Indian state of Maharashtra that will cost at least $70 billion. The figure exceeds the initial $44 billion estimate previously announced in 2018. 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 new figure came from a read-out of a meeting in the UAE between Saudi Crown Prince Mohammed bin Salman and Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan on Wednesday evening.

Source: Dawn