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Armaco's Interest in Ratnagiri Refinery, a Big Boost for India's O&G Dreams?

Saudi Aramco (World’s Largest Producer of Oil) interest to hold majority stake in 60 MT greenfield refinery project signifies the global majors belief in India’s growth story. Project will attract around 3 lakh crore investment. Sourcing of Oil from Saudi Arabia is one of option at discussion. This might prompt other global competitors to invest in India to secure their consumer base.

However, government should carefully evaluate to source oil from a single country might jeopardize the project, in case of any diplomatic failure between the country in future.