Saudi says awaiting land for refinery

Tribune News Service

New Delhi, November 27

Saudi Arabia on Thursday reiterated it was awaiting allocation of land to start off a massive $60-billion oil refinery project on the west coast in Maharashtra.

Saudi Ambassador to India Saud Al-Sati said his country was awaiting the land so that investment in the refinery can start immediately.

The land has to be identified by the Maharashtra Government, ironically a new one is to be sworn on November 28. Al-Sati said his country was looking to diversify trade and make it grow beyond the present level of $34 billion.

Saudi Aramco and UAE’s ADNOC are jointly participating in the development of $44-billion “West Coast Refinery & Petrochemicals Project Limited” at Raigad in Maharashtra.

Saudi Petrochemical Giant SABIC set up its research and development centre in Bangalore with an investment of over $100 million in November 2013. Saudi Aramco signed an MoU with Mumabi-based GumPro for setting up a drilling facility in 2018.

Meanwhile, the Union Cabinet chaired by Prime Minister Narendra Modi today approved the agreement signed for establishment of Strategic Partnership Council between India and Saudi Arabia.

The agreement will enable the leadership at the highest-level in both countries to meet regularly and monitor progress in the ongoing initiatives/projects under the strategic partnership. It will help identify new areas for forging strategic engagement and will define the goals to be achieved and benefits to be derived.

The proposal aims to benefit the citizens with improved economic and commercial linkages with Saudi Arabia irrespective of any gender, class or income bias.

This aAgreement with Saudi Arabia will open new avenues of partnership in strategic areas like defence, security counter-terrorism, energy security and renewable energy.