Saudi Arabia is planning to invest in a new refinery project being developed by Bharat Petroleum Corporation Limited (BPCL), as part of a broader strategy to invest $100 billion in India. The initiative aligns with Saudi Arabia’s goal of exploring greenfield projects and establishing strategic petroleum reserves within the country.
BPCL is in the early planning stages for the refinery, which aims to address India’s increasing energy demands. The exact location of the project has not yet been determined.
In 2019, Saudi Arabia and India signed a Memorandum of Understanding (MoU) that laid out a $100 billion investment plan across various sectors, including agriculture, infrastructure, manufacturing, and energy.
BPCL is reportedly considering a refinery with a capacity of 12 million metric tons per annum (MMTPA), with an estimated cost of ₹50,000 crore.
As reported by fuelsandlubes.com, BPCL currently operates refineries in Mumbai, Kochi, and Bina, and has announced plans to invest ₹1.7 lakh crore over the next five years in core sectors such as oil refining, petrochemicals, and clean energy.
