New Delhi, April 11: Saudi Aramco, the world's largest oil producer, has inked a Rs 3-lakh crore deal with India to develop a mega refinery complex at the western coast in Maharashtra.

The giant refinery will be set up in the coastal region of Ratnagiri, confirmed Petroleum Minister Dharmendra Pradhan. The proposed refinery, he said, will have the capacity to process 1.2 million barrels of crude oil per day which roughly translates to 60 million tonnes per annum.

The Memorandum of Understanding was signed with Saudi Aramco on Wednesday, during the 16th International Energy Forum's ministerial meet being held in Delhi.

As per the MoU, the project will be a 50:50 joint partnership venture between Aramco and a consortium of Indian oil companies, including the IOC, BPCL and HPCL.

The project is targeted to be finalised by 2025, the memorandum further added.

On signing of the mega deal with India, Saudi Aramco President Amin Nasser said the company aims to go beyond its role of crude oil supplier to a "fully integrated position" whereby it could support India's future energy demands.

Saudi Arabia's Minister for Energy, Industry and Mineral Resources, Khalid Al Falih, while speaking on the deal with India, said the feasibility study for the project has been concluded. The project will be initiated as soon as the overall configuration gets concluded, he added.

The deal signed with Aramco also includes the development of product storage terminas, centralised and share utilities, raw water supply project and logistics associated with the petrochemical industry, apart from building the refinery for crude oil processing.

(The above story first appeared on LatestLY on Apr 11, 2018 07:01 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).