Media ININ Economy We Trust
MEDIAN IN , June 25, 2018
Abu Dhabi National Oil Company (ADNOC) has signed a framework agreement with Saudi Aramco to explore strategic partnership and investment opportunities in the construction of a giant oil refinery and a petrochemical complex in the Ratnagiri region on the west coast of India with an estimated value of $ 44 billion.
The agreement was signed by His Highness Sheikh Abdullah Bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and Indian Minister of Petroleum and Natural Gas, Darmendra Pradhan.
His Highness Sheikh Abdullah Bin Zayed Al Nahyan affirmed that the signing of this agreement strengthens the close cooperation between the UAE and Saudi Arabia in various fields and with the Republic of India in many sectors, especially the energy sector, and the State is committed to its role as a reliable partner contributing to energy security.
The UAE is always looking to explore more opportunities to expand the partnership in the field of energy, as well as to explore opportunities for closer cooperation in new fields in order to enhance and deepen the long-term economic ties between the three countries.
The agreement sets out the principles of joint strategic cooperation between Saudi Aramco and ADNOC to build, own and operate the complex in cooperation with a consortium of Indian National Oil Companies (INOC), India Oil Company Limited (IOCl), Bharat Petroleum Corporation Limited (BPCL) Limited / HPCL /.
According to the agreement, Saudi Aramco and ADNOC will jointly own a 50 per cent stake in the new joint venture, with the remaining 50 per cent owned by the Oil and Gas Companies Alliance.
Dr. Sultan bin Ahmed Al Jaber, Minister of State and Chief Executive Officer of Abu Dhabi National Oil Company (ADNOC) and its Group of Companies, said: “In line with the leadership’s directives to strengthen strategic cooperation with our brothers in Saudi Arabia and our partners in India and to maximize the value of each barrel of oil we produce, This project provides a concrete example of ADNOC’s new strategy to expand refining and petrochemicals through the implementation of strategic and commercial investments in and outside the UAE.
