Abu Dhabi – Mubasher: Abu Dhabi National Oil Company (Adnoc) has signed a memorandum of understanding (MoU) with Saudi Aramco to acquire a 50% stake in India’s $44 billion Ratnagiri refinery and petrochemical complex.
The remaining stake will be divided between Indian companies including Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation, according to an official statement.
Ratnagiri refinery enjoys a crude processing capacity of 1.2 million barrels per day (bpd), Indian oil minister Dharmendra Pradhan posted on Twitter.
Relations between the UAE and India have been developed over the last period, as an Indian consortium was awarded a 10% stake in the development of Lower Zakhum offshore oilfield in Abu Dhabi.
