Saudi Arabia and the United Arab Emirates discussed a planned refinery in the western Indian state of Maharashtra that will cost at least $70 billion, a figure that exceeds the initial $44 billion estimate previously announced.

The new figure came from a read-out of a meeting in the UAE between Saudi Crown Prince Mohammed bin Salman and Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan on Wednesday evening.

The statement said the two sides discussed the initiative, first announced in 2018, to develop the refinery and petrochemicals complex, which would secure the supply of 600,000 barrels per day of Saudi and Emirati crude oil for India's market.

The project, which would be run by a consortium that includes Saudi Aramco and ADNOC, has yet to begin or secure land.