Source: Financial Express, Apr 12, 2018
In a major boost to the economic reforms launched by Narendra Modi government, world’s largest oil producer, Saudi Aramco, signed a memorandum of understanding (MoU) with Indian oil companies to be a part of $44 billion investment in West Coast refinery and petrochemical project called Ratnagiri Refinery and Petrochemicals. It is one of the largest investments made by any foreign oil producer in India. The agreement is being facilitated by three state-run oil marketing companies — Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation. The investment made by the world’s largest producer of oil may help oil companies in increasing their margins.