FCC

Rosneft Eyes India Refinery JV; State Refiners Seek Alternatives

2023-05-18

Russia's Rosneft has shown interest in forming a joint venture with Indian state-owned refiners to construct a new refinery in India, sources familiar with the matter revealed.

The move comes as Indian public sector refiners are actively seeking foreign partnerships as an alternative to the long-delayed $44 billion west coast refinery project. Preliminary discussions have taken place between Rosneft, Indian government officials, and executives from state-run refiners regarding the prospective project.

The partnering Indian refiner has yet to be determined, but Indian Oil Corp (IOC) and Bharat Petroleum Corp Ltd (BPCL) are potential candidates. The need for an alternative to the west coast project, which involved Saudi Aramco, has become apparent to state refiners due to land unavailability and political complications in Maharashtra.