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Oil refineries play a crucial role in the economy as they convert crude oil into various useful products such as gasoline, diesel, jet fuel, and more. India, which imports around 80% of its oil needs, is planning to build the world’s largest oil refinery on the west coast with an estimated cost of $30 billion. This refinery is expected to produce around 1.2 million barrels of crude oil per day and will be operated by Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum Corp. The proposed refinery will be located in Maharashtra’s Ratnagiri district and it will cover an area of approximately 14,000 acres. This refinery project is expected to create many job opportunities for not only the local people but also for the skilled professionals from across the country. The downstream petrochemical complex that is planned to be adjacent to the refinery is expected to be 50% larger than the country’s largest existing petrochemical complex. With a projected capacity of 60 million metric tons annually, the refinery will be able to meet the demand for oil in the country, which is expected to grow as the population and economy continue to develop. Moreover, this move will reduce India’s reliance on foreign oil supply, saving the country billions of dollars. In addition to the proposed refinery, there are already many refineries in India, both in the public sector and the private sector. One such example is the Reliance Industries refinery in Jamnagar, Gujarat, which is currently the largest refinery in the world with a capacity of 1.24 million barrels per day. This refinery produces 0.4% of the world’s total output of refined products and is considered a highly efficient and advanced refinery. While India’s biggest oil refinery project is underway, Saudi Arabia has been making substantial efforts to develop the world’s biggest oil refinery in Jizan, which is expected to be completed by the end of 2021. The refinery will cost a staggering $10 billion and will be able to process around 400,000 barrels of crude oil per day. The project aims to provide the country’s southern region with refined crude oil products, as well as promote economic growth in the area. In conclusion, the oil refinery industry is a vital part of the economy, and the proposed Indian oil refinery project on the west coast and the Saudi Arabian refinery project in Jizan reflect the continuous efforts of countries to develop their oil refining capabilities and decrease their reliance on foreign oil supply. These projects are expected to bring about economic growth, numerous job opportunities, and reduce the cost of oil imports in the long run.

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