Saudi Aramco picks up 50% stake in Maharashtra refinery

New Delhi, Apr 11: Saudi Aramco, the world’s largest oil producer, today signed an agreement to pick up 50 per cent stake in a planned USD 44-billion refinery-cum-petrochemical project in Maharashtra, a move that will give it an assured customer for additional 30 million tonnes of its crude oil.
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.