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India changes site for $44B refinery

The Indian state of Maharashtra has identified a site for the oil refinery to be built in partnership with state-owned firms Saudi Aramco and Abu Dhabi National Oil Co. (Adnoc)

Chief minister Devendra Fadnavis said Wednesday it will be in the Raigad district, located 62 miles from Mumbai, Reuters reported.

It was initially planned to be built in the Ratnagiri district, 250 miles from Mumbai, but thousand of farmers refused to give up land to avoid environmental damage. The protests caused officials to consider another location.

The facility, designed to process 1.2 million barrels per day (Mmbpd) of oil, is expected to cost $44 billion.

It will be developed by a joint venture, half of which is jointly owned by Adnoc and Saudi Aramco. The remaining 50% interests belong to a consortium of national Indian companies: Indian Oil Corp., Bharat Petroleum Corp., and Hindustan Petroleum Corp.

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