SAUDI ARAMCO AND YADNOK INVESTED IN INDIA | 2020

 SAUDI ARAMCO AND YADNOK INVESTED IN INDIA 

Saudi Arabian Oil Co (Saudi Aramco) and Abu Dhabi National Oil Co (Adnoc) have agreed to take a stake in a proposed $ 4400 crore (approximately Rs 3.25 lakh crore) West Coast refinery and petrochemicals project in the country.

Corp (IOC) Chairman Shrikanth Madhav Vaidya said. He spoke at the Energy Intelligence Forum 2020 on Thursday. IOC, BPCL, and HPCL, along with Saudi Aramco and Yadnok, are proposing to set up a 60 million tonne project off the coast of Maharashtra. 

Land acquisition is causing the project to be delayed. He said those companies would come up with investments as soon as the issue was resolved. Aramco and Yadnok have a 50 percent stake in the project while IOC has a 25 percent stake. 

The remaining 25% is equivalent to BPCL and HPCL. Meanwhile, OPEC Secretary-General Mohammed S. Burkindo, who was present at the event, said that the recovery in international oil demand was not as expected. However, he said that he thinks the worst is over.