Aramco seeks majority stake worth Rs 3 trn in Maharashtra refinery: Report

Oil giant Saudi Aramco is looking to buy a majority stake in a proposed refinery and petrochemical complex valued at Rs 3 trillion ($46.10 billion) in the western Indian state of Maharashtra, local daily Economic Times reported, citing people familiar with the matter.

This comes as Saudi Arabia, the world's biggest oil exporter, is trying to beat out Iraq to become the biggest crude supplier to India, the world's third-largest oil importer.

The state-owned Saudi oil company is also in talks with Indian state-run refiners for marketing rights over the fuel and petrochemicals produced at the complex along with an assurance that the refinery would mostly use Saudi oil, the newspaper added.

Indian Oil Corp Ltd owns 50 percent of the complex, while Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd have the rest.