UAE, INDIA BOLSTER TIES
Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister of Foreign Affairs and International Cooperation, shakes hands with Indian Prime Minister Narendra Modi in New Delhi on Monday. They discussed bilateral cooperation in the fields of trade and investment and defence, and people-to-people ties. Sheikh Abdullah is on a week-long visit to India where he will travel to many cities. —
new delhi — Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and Dharmendra Pradhan, India’s Minister of Petroleum and Natural Gas, on Monday witnessed the signing of a framework agreement 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 coinvestment in the development of a new $44 billion mega refinery and petrochemicals complex at Ratnagiri, on India’s west coast.
The Framework Agreement was signed by Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State and ADNOC Group CEO, Amin Nasser, CEO of Saudi Aramco, Sanjiv Singh, Chairman of the Indian Oil Corporation Ltd, M.K. Surana, Chairman and Managing Director, Hindustan Petroleum Corporation Ltd, D Rajkumar, Chairman and Managing Director, Bharat Petroleum Corporation Ltd. B Ashok, CEO of the Ratnagiri Refining and Petrochemical Company Ltd also witnessed the signing.
Commenting on the announcement, Sheikh Abdullah said: “This agreement strengthens the already close ties between the UAE and the Kingdom of Saudi Arabia and between the UAE and India. The UAE is unwavering in its commitment to its strategic multi-lateral relationships with both Saudi Arabia and India, as well as being a reliable
partner in India’s energy security. We look forward to exploring further opportunities to expand our energy partnerships and to collaborating on new, broader, opportunities that will further strengthen and deepen the long-standing economic links between our three countries.”
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
This agreement strengthens the already close ties between the UAE and the Kingdom of Saudi Arabia and between the UAE and India. . Sheikh Abdullah bin Zayed
Aramco and ADNOC will jointly own 50 per cent of the new joint venture Company Ratnagiri Refining and Petrochemical Company Ltd, with the remaining 50 percent owned by the Indian Consortium.
Dr Sultan Al Jaber said: “This project is a clear example of our expanded downstream strategy, where we
will make strategic, commercially driven, targeted investments, both in the UAE and abroad. By investing in this project, we will secure off-take of our crude to a key growth economy, as well as one of the world’s largest and fastest growing refining and petrochemical markets.
“The agreement delivers on the wise directives of the UAE’s leadership, to strengthen and enhance our long-standing ties with our Saudi Arabian and Indian strategic partners. It underlines our expanded approach to energy partnerships, which combines a truly unique set of resources, capabilities and market access to create and maximise shared value.” —