Saudi Aramco and a consortium of three Indian oil companies signed on Wednesday a Memorandum of Understanding to jointly develop and build an integrated refinery and petrochemical complex in Ratnagiri, West Coast of India. The project is estimated to cost around $ 44 billion. The giant refinery complex will become a crucial new outlet for the worlds biggest supplier. The refinery at Ratnagiri on the west coast will be able to process up to 1.2 million barrels of crude a day, the Saudi company said after signing the MoU with Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation. President and CEO of Saudi Aramco Amin Hasan Al-Nasser said from Delhi that India is characterized by its fast-growing economy and its major consumer market. Saudi Aramco has a long and distinguished relations with the Indian market in terms of supply of crude oil, he added. Nasser praised the “milestone” deal with India, saying: “Saudi Aramco is the only company that can undertake (a) project of this scale,” he stressed. "Investing in India is a key part of our companys global downstream strategy, and another milestone in our growing relationship with India," he added. "Participating in this mega project will allow Saudi Aramco to go beyond our crude oil supplier role to a fully integrated position that may help usher in other areas of collaboration, such as refining, marketing, and petrochemicals for Indias future energy demands," he added. Indian Oil, Bharat Petroleum and Hindustan Petroleum have set up a joint venture for the deal with Aramco, called Ratnagiri Refinery and Petrochemicals Ltd. Aramco said it may "seek to include a strategic partner to co-invest in the mega refinery".