The cost of a giant oil and petrochemicals refinery project to be built jointly by Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) in India is expected to reach $70 billion, Reuters reported on Wednesday.
A joint economic council between the UAE and Saudi Arabia reviewed the planned plant on Wednesday at a meeting on the sidelines of Saudi Crown Prince's visit to the UAE.
“The initial cost is estimated at $70 billion,” Reuters reported citing a statement.
The 1.2 million barrels-per-day (bpd) coastal refinery in the western state of Maharashtra is expected to be built at Roha in the Raigad district, about 100 km (60 miles) south of Mumbai.
India’s oil minister Dharmendra Pradhan, who was in Abu Dhabi in September, had told reporters that the cost of the giant refinery will be more than the originally planned $45 billion.
(Writing by Seban Scaria firstname.lastname@example.org, editing by Daniel Louis)
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