A joint oil and petrochemicals refinery project to be built by the Abu Dhabi National Oil Co. (ADNOC) in India is expected to cost approximately $70 billion, said the UAE’s state-run WAM news agency.
A joint economic council made up of UAE and Saudi officials reviewed plans for the facility at a meeting held on the sidelines of an official visit by Crown Prince Mohammed bin Salman to the UAE on Wednesday.
According to the statement, the initial cost is estimated at $70 billion. Indian Oil Minister Dharmendra Pradhan was quoted as saying in September the refinery would cost more than the originally envisioned $45 billion.
A source quoted by Reuters said the 1.2 million barrels-per-day facility is expected to be located in the Raigad sitrict of the Indian state of Maharashtra, approximately 100 km south of Mumbai.
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