The cost of a giant oil and petrochemicals refinery project to be built jointly by Saudi Aramco and Abu Dhabi National Oil Co. (ADNOC) in India is expected to reach $70 billion, WAM news agency reported.
A joint economic council between the United Arab Emirates and Saudi Arabia reviewed the planned plant on Wednesday at a meeting on the sidelines of Saudi Crown Prince’s visit to his Gulf ally.
“The initial cost is estimated at $70 billion,” a statement said.
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, sources told Reuters in August.
In September, India’s oil minister said the refinery would cost more than the originally planned $45 billion.