Current Affairs - International - Discussion

The United Arab Emirates and Saudi Arabia is planning to set up a refinery in Maharashtra, India. The minimum estimated cost to set up the refinery is $70 billion. It exceeds the initial $44 billion estimate that was previously announced. The initiative was first announced in 2018. The aim is to develop the petrochemicals complex and refinery which would secure the supply of 600,000 barrels per day of Saudi and Emirati crude oil for India's market.