Kuwait's Al Arfaj Group Plans 600,000 Bpd Oil Refinery In India
NEW DELHI, Oct 24 (Reuters) - Kuwait's Al Arfaj Group plans to build a 600,000 barrels per day oil refinery and a 10 million tonnes a year liquefied natural gas (LNG) terminal in the Indian coastal state of Andhra Pradesh, the state's chief minister said on Tuesday.
Al Arfaj Holding Co has signed a memorandum of understanding with Andhra's Economic Development Board for the project, which also includes a petrochemical complex, N Chandrababu Naidu said.
India, which imports about 80 percent of its oil needs, aims to raise its refining capacity by 50 percent in the next seven years to about 7 million barrels per day.
Earlier this month Saudi Aramco said it planned a 'mega investment' in refining, petrochemicals and fuel retailing in India.
(Reporting by Nidhi Verma; Editing by Greg Mahlich)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.