Published: Wed, April 11, 2018
Economy | By Shawn Conner

Aramco, Total to build $9bn Saudi petchem complex

Aramco, Total to build $9bn Saudi petchem complex

Saudi Aramco's Chief Executive Officer Amin Nasser will sign a memorandum of understanding on Wednesday for the project with RRPC, or Ratnagiri Refinery & Petrochemicals, a consortium consisting of state-run refiners Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation, said a person familiar with the matter who asked not to be identified before an official announcement.

India is set to grant Saudi Aramco a 50 percent stake in a planned 1.2 million barrels per day west coast refinery, said an industry source privy to the deal, in a move that would give the kingdom a new stable outlet for its oil.

"There are more opportunities for collaboration and partnerships, not only in the oil and gas sector but also in infrastructure, manufacturing and services industries which are critical to manage and operate an enterprise like Saudi Aramco", Nasser said.

Malaysia goes to polls on May 9
The polling date, a Wednesday, was decided at a previous special meeting chaired by Hashim. The minimum campaigning period is 11 days. Eileen Ng is an Associated Press writer.

India wants to see prices at about $50 a barrel in order to manage its finances better, Oil Minister Dharmendra Pradhan said in an interview. That apart, Saudi Aramco, the world's biggest oil producer, is moving to invest in refineries overseas to help lock in demand for its crude ahead of an initial public offering expected later this year, or the next. According to a statement by the Ministry of Petroleum & Natural Gas, Saudi Aramco may also seek to include a strategic partner to co-invest in the project. Over the last few years, the Middle East kingdom has committed billions to projects in Malaysia and Indonesia, as well as a new refining and petrochemical plant in China.

Saudi Aramco has been weighing an expansion of its USA subsidiary Motiva Enterprises LLC's [MOTIV.UL] Port Arthur, Texas refinery, already the largest in the United States by capacity.

Furthermore, the project will also include the development of associated facilities such as a logistics, crude oil and product storage terminals, raw water supply project as well as centralised and shared utilities. He further stated that participating in this mega project will allow Saudi Aramco to go beyond the role of crude oil supplier to a fully integrated position which supports India's future energy demands.

Homeland Security Adviser Tom Bossert resigns, White Residence says
Update: Bloomberg's Jennifer Jacobs reports that Bossert "is essentially being fired" after John Bolton requested his resignation. That evening, Bossert was the keynote speaker at a conference of national security experts in Sea Island, Ga.

During a visit to New Delhi in February, Falih had said Saudi Arabia would sign oil supply deals as part of any agreements to buy stakes in Indian refineries, a strategy it has adopted to expand its market share in Asia and fend off rivals. Iraq displaced Saudi Arabia for the first time on an annual basis in 2017, data compiled by Reuters showed.

Global venture capital firm Sequoia Capital may target raising $650-700 million.

IPL 2018: Astrologer predicts victor of KXIP vs DD clash, check
After doing his calculations, the astrologer predicts that Gautam Gambhir-led Delhi Daredevils will be the victor in today's game. With the likes of Gambhir, Colin Munro, Shreyas Iyer, Jason Roy and Prithvi Shaw, the side has the ability to go for big totals.

Like this: