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
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