Saudi Co picks up 50 per cent stake in Maha refinery

Aramco, at a later date, plans to dilute some of its 50 per cent equity stake in the 60 million tonne-a-year refinery project in favour of another strategic investor, visiting Saudi Oil Minister Khalid Al-Falih told reporters here.  

The Saudi national oil company will supply half of the crude oil required for processing at the refinery, he said.  State-owned refiners Indian Oil Corp (IOC), Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) will own the remaining 50 per cent stake. 

“As large as this project may be, this does not by itself satisfy our desire to invest in India. 

Aramco will not stop discussing other opportunities because we see India as a priority destination for our investment and energy supplies,” he said. Like other major producers, Aramco is looking to lock in customers in the world’s third-largest oil consumer through the investment.