During the inaugural meeting of the India-Saudi Arabia Strategic Partnership Council held recently, an agreement was reached to establish a joint task force aimed at expediting the commencement of the west coast refinery project. Saudi Arabia has committed to investing $50 billion in this endeavour. Additionally, both nations have expressed their full support for transforming their hydrocarbons partnership into a comprehensive energy collaboration.
As reported by businessline, the west coast refinery project is a trilateral effort involving the Saudi oil company Aramco and Indian Oil Marketing Companies (OMCs). To facilitate the identification and allocation of the $100 billion investment pledged by Saudi Arabia, with half of it designated for the refinery, the two parties have decided to create a monitoring committee to ensure that the project progresses according to the mutually agreed-upon plans.
