Globally reputed oil company Saudi Aramco has announced its plan to build a giant refinery complex in collaboration with three Indian oil giants.

The Saudi company said in a statement, the refinery in Ratnagiri in Maharashtra will handle up to 1.2mn barrels of oil per day. The complex ‘will rank among the largest world refining and petrochemicals projects and will be designed to meet India’s fast-growing fuels and petrochemicals demand. The project cost is estimated at around $44bn’.

Saudi Aramco President Amin Nasser said: “Investing in India is a key part of our company’s global downstream strategy, and another milestone in our growing relationship with India.

“The signing marks a significant development in India’s oil and gas sector, enabling a strategic joint venture and investment partnership that will serve India’s fast-growing demand for transportation fuels and chemical products.

“Participating in this mega project will allow Saudi Aramco to go beyond our crude oil supplier role to a fully integrated position that may help usher in other areas of collaboration, such as refining, marketing, and petrochemicals for India’s future energy demands.”