Sector News

Adnoc CEO confirms talks on taking stake in $44-billion Ratnagiri project in India

May 14, 2018
Chemical Value Chain

State-owned energy group, the Abu Dhabi National Oil Co. (Adnoc) is in discussions to acquire a stake in India’s $44-billion Ratnagiri refining and petrochemical project in the state of Maharashtra.

Adnoc would acquire part of Saudi Aramco’s 50% share in the project. Sultan Ahmed al-Jaber, UAE Minister of State and Adnoc Group CEO said the project is one of the opportunities that Adnoc is following. Speaking to Bloomberg on the sidelines of the Adnoc downstream investment forum at Abu Dhabi, he said, “We have developed an international strategy, [which] will allow us to tap into market access where those provide us with strategic opportunities allowing us to bring our own crude in order for us to be able to expand our footprint in the refining and derivatives and petrochemicals sector. The Indian opportunity is one of many opportunities that are currently being explored at Adnoc.”

In a separate interview with Reuters, India’s oil minister Dharmendra Pradhan, also attending the forum, said that there is a consensus between Aramco, Adnoc, and Indian companies to form a joint venture for the Ratnagiri project. Both Aramco and Adnoc are keen to lock into oil supplies to the future refinery.

Aramco in April signed a memorandum of understanding with Ratnagiri Refinery and Petrochemicals, a consortium of Indian oil companies that includes Indian Oil, Bharat Petroleum, and Hindustan Petroleum, to jointly develop and build an integrated mega refinery and petrochemicals complex at Ratnagiri. Aramco at the time of signing said it may seek to include a strategic partner to co-invest in the mega refinery.

A prefeasibility study for the refinery has been completed and the parties are now finalizing the project’s overall configuration. The refinery will be capable of processing 1.2 million b/d of crude oil and provide feedstock for the integrated petrochemical complex, which will be capable of producing approximately 18 million metric tons/year of products.

By Natasha Alperowicz

Source: Chemical Week

comments closed

Related News

June 3, 2023

Chemours, DuPont, and Corteva reach comprehensive PFAS settlement with U.S. Water Systems

Chemical Value Chain

The Chemours Company (NYSE: CC), DuPont de Nemours, Inc. (NYSE: DD) and Corteva, Inc. (NYSE: CTVA) (the “companies”) today announced they have reached an agreement in principle to comprehensively resolve all PFAS-related drinking water claims of a defined class of public water systems that serve the vast majority of the United States population.

June 3, 2023

Storing hydrogen in coal may help power clean energy economy

Chemical Value Chain

The quest to develop hydrogen as a clean energy source that could curb our dependence on fossil fuels may lead to an unexpected place — coal. A team of Penn State scientists found that coal may represent a potential way to store hydrogen gas, much like batteries store energy for future use, addressing a major hurdle in developing a clean energy supply chain.

June 3, 2023

Soda ash producer WE Soda plans IPO, London share listing

Chemical Value Chain

WE Soda (London), a major producer of soda ash, said it intends to launch an IPO and apply to list its shares on the main market of the London Stock Exchange. The company, wholly owned by industrial conglomerate the Ciner Group (Istanbul, Turkey), said it is the world’s largest producer of natural soda ash.

How can we help you?

We're easy to reach