Aramco, ADNOC, Indian oil giants join forces to develop $44bn mega refinery
Abu Dhabi National Oil Company (ADNOC), Saudi Aramco (Aramco), and a consortium of three Indian national oil companies have signed a tri-partite agreement to develop a new US $44 billion mega refinery and petrochemicals complex in the Indian port town of Ratnagiri.
ADNOC and Aramco will jointly build, own, and operate the complex in collaboration with the Indian consortium composed of Indian Oil, Bharat Petroleum, and Hindustan Petroleum.
A new joint venture called Ratnagiri Refining and Petrochemical Company Ltd, whose 50% will be jointly owned by Aramco and ADNOC while the remaining 50% will be owned by the Indian trio, has been created.
The massive refinery project and the collaboration with the Indian oil giants mark the global downstream strategies of ADNOC and Aramco.
“This will make the UAE and Saudi Arabia partners in India's rapidly growing refining sector and in India's growth story," said Shri Dharmendra Pradhan, India’s Minister of Petroleum and Natural Gas.
India is set to lead the world energy demand, which is expected to experience an exponential growth by 2050.
“The Ratnagiri project will meet India’s rising demand for fuels and chemical products while serving the strategic objectives of the partners,” said Amin H. Nasser, Saudi Aramco President and CEO.
