Saudi Aramco Remains Firm Towards High investment in Ratnagiri Petrochemical Project
After concerned speculations over the company to halt several refinery investments in India, Saudi Aramco, one of the leading petrochemical giants in the international market, has announced to adhere to the refinery-cum petrochemical project of Ratnagiri Refinery and Petrochemicals worth USD 44 billion. As per the CEO of Ratnagiri Refinery, this project is a valuable venture for foreign investments and is non-competitive to any other refinery projects in the country as it paves on its own eminence offering valuable returns. As the project does not demand immediate cash flow, it rests ideal for long-term investment, targeting markets where oil demand in the forecasted period is anticipated to grow. The venture was anticipated to be completed by 2022 but is presently under dilemma on concerns hovering over the unavailability of land. Saudi Arabia remain firm despite of the prevailing uncertainties as its first cash flow is deemed after several years whereas the complete investment would be outspread in a span of 7-8 years. This petrochemical project is another crucial step towards attaining self-reliance in the market of refined petrochemicals produced with advanced technology and expertise. However, the vision of the company has been blurred by the present demand outlook of commodities amidst pandemic.