Adnoc and Aramco to partner on $44bn Indian refinery - The National:
State-owned Abu Dhabi National Oil Company (Adnoc) and Saudi Aramco signed an agreement to jointly invest in a $44 billion refinery on the west coast of India, the companies said on Monday.
Aramco, which in April signed an agreement to jointly develop the 1.2 million barrel per day Ratnagiri refining and chemicals complex in the western Indian state of Maharashtra with a group of Indian refiners, will share its stake with Adnoc, making it the first such agreement between the two energy companies.
"By investing in this project, we will both secure off-take of our crude to a key market for Adnoc, as well as strengthen access in one of the world’s largest and fastest growing refining and petrochemical markets," said Sultan Ahmed Al Jaber, UAE State Minister and Adnoc Group chief executive.
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