Another day, another massive deal for Saudi Arabia's state oil giant.

Saudi Aramco has agreed to develop a "mega refinery" on India's west coast with three Indian state-owned oil companies.

The refinery, located about 215 miles south of Mumbai, will cost $44 billion to build and is capable of processing around 1.2 million barrels of crude oil a day, Aramco said in a statement.

India's fast growing economy is boosting demand for fuel and petrochemicals and Aramco is hoping to cash in.

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The project "will rank among the largest world refining and petrochemicals projects," the Saudi company said.

Saudi Aramco and the Indian consortium will each own 50% of the project, India's energy minister Dharmendra Pradhan said in a statement. Saudi Aramco said it may bring in a strategic partner to share part of its stake.

The deal comes less than 24 hours after Saudi Aramco signed an agreement with French oil company Total (TOT) to build a "giant" petrochemical complex in Saudi Arabia for about $5 billion. The project is expected to create around 8,000 new jobs in the kingdom.