Saudi Aramco Signs MoU to Build Refining and Chemicals Complex in India

President and CEO of Saudi Aramco Amin Hasan Al-Nasser. (AFP)
President and CEO of Saudi Aramco Amin Hasan Al-Nasser. (AFP)
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Saudi Aramco Signs MoU to Build Refining and Chemicals Complex in India

President and CEO of Saudi Aramco Amin Hasan Al-Nasser. (AFP)
President and CEO of Saudi Aramco Amin Hasan Al-Nasser. (AFP)

Saudi Aramco and a consortium of three Indian oil companies signed on Wednesday a Memorandum of Understanding to jointly develop and build an integrated refinery and petrochemical complex in Ratnagiri, West Coast of India.

The project is estimated to cost around $ 44 billion. The giant refinery complex will become a crucial new outlet for the world's biggest supplier.

The refinery at Ratnagiri on the west coast will be able to process up to 1.2 million barrels of crude a day, the Saudi company said after signing the MoU with Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation.

President and CEO of Saudi Aramco Amin Hasan Al-Nasser said from Delhi that India is characterized by its fast-growing economy and its major consumer market.

Saudi Aramco has a long and distinguished relations with the Indian market in terms of supply of crude oil, he added.

Nasser praised the “milestone” deal with India, saying: “Saudi Aramco is the only company that can undertake (a) project of this scale,” he stressed.

"Investing in India is a key part of our company's global downstream strategy, and another milestone in our growing relationship with India," he added.

"Participating in this mega project will allow Saudi Aramco to go beyond our crude oil supplier role to a fully integrated position that may help usher in other areas of collaboration, such as refining, marketing, and petrochemicals for India's future energy demands," he added.

Indian Oil, Bharat Petroleum and Hindustan Petroleum have set up a joint venture for the deal with Aramco, called Ratnagiri Refinery and Petrochemicals Ltd.

Aramco said it may "seek to include a strategic partner to co-invest in the mega refinery".



Saudi Arabia Launches 'Edaa Connect' to Streamline Access to Investment Funds

The pavilion of the Saudi Tadawul Group is seen at an exhibition. (Asharq Al-Awsat)
The pavilion of the Saudi Tadawul Group is seen at an exhibition. (Asharq Al-Awsat)
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Saudi Arabia Launches 'Edaa Connect' to Streamline Access to Investment Funds

The pavilion of the Saudi Tadawul Group is seen at an exhibition. (Asharq Al-Awsat)
The pavilion of the Saudi Tadawul Group is seen at an exhibition. (Asharq Al-Awsat)

The Securities Depository Center, part of the Saudi Tadawul Group, has launched Edaa Connect, a platform designed to enhance access to investment opportunities in funds within the Saudi financial market.

Announced on the first day of the Financial Markets Forum 2025, the platform aims to offer a seamless investment experience by integrating various fund options, making subscription and redemption processes more efficient for investors.

According to Edaa, the platform provides significant advantages for fund managers by offering advanced tools to optimize their operations. It also increases fund visibility and accessibility, allowing managers to reach a broader investor base and fostering greater competitiveness in the market.

Edaa CEO Hanan Mohammed Alshehri described the launch as a major milestone, emphasizing its role in improving portfolio management, decision-making, and overall investment efficiency.

Edaa Connect would contribute to the ongoing evolution of the Saudi financial market by simplifying investment processes and enhancing market transparency, she added.

The platform integrates with existing financial services but focuses specifically on funds not listed on Tadawul Saudi, ensuring a comprehensive and tailored experience for investors. This initiative strengthens the accessibility of the investment fund market and supports broader market participation.