ADNOC, Saudi Aramco to in­vest in mega re­fin­ery and petro­chem­i­cals com­plex in Ma­ha­rash­tra

Chemical Industry Digest - - News & Views -

Aframe­work agree­ment was signed be­tween the Abu Dhabi Na­tional Oil Com­pany (ADNOC), Saudi Aramco ( Aramco) and a con­sor­tium of three In­dian oil com­pa­nies, to ex­plore a strate­gic part­ner­ship and co-in­vest­ment in the de­vel­op­ment of a new US $44 bil­lion mega re­fin­ery and petro­chem­i­cals com­plex at Rat­na­giri in Ma­harsh­tra.

The agree­ment de­fines the prin­ci­ples of the joint strate­gic co­op­er­a­tion be­tween Saudi Aramco and ADNOC to jointly build, own and op­er­ate the com­plex in col­lab­o­ra­tion with a con­sor­tium of In­dian na­tional oil com­pa­nies cur­rently con­sist­ing of In­dian Oil Cor­po­ra­tion Ltd, Bharat Petroleum Cor­po­ra­tion Ltd, and Hin­dus­tan Petroleum Cor­po­ra­tion Ltd. Saudi Aramco and ADNOC will jointly own 50% of the new joint ven­ture com­pany Rat­na­giri Re­fin­ing and Petro­chem­i­cal Com­pany Ltd, with the re­main­ing 50% owned by the In­dian Con­sor­tium.

The strate­gic part­ner­ship be­tween ADNOC and Saudi Aramco marks a sig­nif­i­cant step in re­gional en­ergy part­ner­ship and co­op­er­a­tion, bring­ing to­gether two of the world’s lead­ing na­tional oil com­pa­nies as strate­gic part­ners with the In­dian con­sor­tium. It will also com­bine their con­sid­er­able ex­per­tise span­ning crude sup­ply, re­sources and tech­nolo­gies, along with an es­tab­lished com­mer­cial pres­ence and global reach. A pre-fea­si­bil­ity study to de­ter­mine the project’s over­all con­fig­u­ra­tion will now be jointly ex­e­cuted by the par­ties.

Top of­fi­cials of the sig­na­tory com­pa­nies dur­ing the sign­ing of Frame­work Agree­ment

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