Cash squeeze set to hit $70b Saudi Aramco JV in Maharashtra

Photo: Reuters

The $70 billion Ratnagiri Refinery and Petrochemicals Ltd (RRPCL) project in Maharashtra is facing an uncertain future amid a lengthy delay in land acquisition followed by a sharp cut in capital expenditure plans by joint venture partner, Saudi Aramco, the world’s largest crude oil producer.

“Saudi Aramco has been expressing concerns about the delays the refinery project is facing due to unavailability of land. Though it has not informed us of any plans to opt out of the project, the significant delay is a cause of concern,” said a senior official from an oil marketing company, working closely on the project.

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