NEW DELHI 26 June 2018: A framework agreement between Abu Dhabi National Oil Company (Adnoc), Saudi Aramco and a consortium of three Indian oil companies, has been signed to explore co-investment in a new US$44 billion mega refinery and petrochemicals complex at Ratnagiri, on India’s west coast.
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, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation.
Saudi 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 per cent owned by the Indian Consortium, said Wam.
A pre-feasibility study to determine the project’s overall configuration will now be jointly executed by the parties.
The strategic partnership between Adnoc and Saudi Aramco marks a step significant step in regional energy partnership and cooperation, bringing together two of the world’s leading National Oil Companies as strategic partners with the Indian consortium. It will also combine their considerable expertise spanning crude supply, resources and technologies, along with an established commercial presence and global reach.
The signing was witnessed by Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister of Foreign Affairs and International Cooperation, and Dharmendra Pradhan, India’s Minister of Petroleum and Natural Gas.
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 Indian Oil Corporation; M.K. Surana, Chairman and Managing Director, Hindustan Petroleum Corporation; and D Rajkumar, Chairman and Managing Director, Bharat Petroleum Corporation. B Ashok, CEO of the Ratnagiri Refining and Petrochemical Company, also witnessed the signing.
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.”