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