Saudi Aramco and ADNOC signed an initial agreement with an Indian Consortium to jointly pursue a US$44 billion refinery and petrochemicals complex on India’s West Coast through a new joint-venture.
Saudi Aramco and ADNOC will jointly own 50 per cent of a new joint venture company Ratnagiri Refinery and Petrochemicals Limited (RRPCL), with the remaining 50 per cent owned by the Indian Consortium consisting of Indian Oil Corporation Ltd. (IOCl), Bharat Petroleum Corporation Ltd. (BPCL), and Hindustan Petroleum Corporation Ltd. (HPCL).
The Ratnagiri Mega Refinery will be a 1.2 million barrels per day integrated mega refinery and petrochemicals complex at Ratnagiri, 215 miles south of Mumbai in Maharashtra, India, Saudi Aramco said in a statement.
Meanwhile, ADNOC valued the project at $44 billion. His Highness Sheikh Abdullah bin Zayed bin Sultan Al Nahyan, UAE Minister of Foreign Affairs and International Cooperation who witnessed the signing, 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.”
The framework agreement was signed by Amin Nasser, CEO of Saudi Aramco, His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO.
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 the Indian consortium.