Aramco to enter retail after completing $44 bln Indian refinery

Saudi Aramco, the world's largest oil producer, will venture into fuel retailing in India only after the proposed $44 billion refinery-cum-petrochemicals complex is ready, company CEO Amin Nasser told India’s Economic Times.

“We are not getting into retail without having a manufacturing hub,” he said, adding, it will tie-up with a local partner for the retail venture.

Aramco on Wednesday signed a memorandum of understanding (MoU) with Ratnagiri Refinery and Petrochemicals Ltd (RRPCL) to jointly develop and build an integrated mega refinery and petrochemicals complex worth $44 billion at Ratnagiri, Maharashtra.

Ruling out concerns over losing share in the Indian crude supply market to other oil producers, Nasser said: “We are not losing in terms of supply, but you know, we are abiding by OPEC agreement."

OPEC and non-OPEC nations agreed last year to cut oil output by 1.8 million barrels a day, or around 2 percent of global production throughout 2017 and 2018.