Saudi’s-ARAMCO, UAE-ADNOC signed $44 billion investment in Indian refining sector
The Indian government signed MoU between Saudi ARAMCO and ADNOC in the greenfield Ratnagiri Refinery cum petrochemical project in Maharashtra. The signing took place in the presence of His Highness Sheikh Abdullah bin Zayed bin Sultan Al Nahyan, Minister of Foreign Affairs and International Cooperation of the UAE and Saudi Aramco President and CEO Amin H. Nasser and H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of State & ADNOC Group CEO.
The investment by Saudi ARAMCO and ADNOC in the $44 billion project will be the highest ever overseas investment in the Indian refining sector.
Today’s MoU is the continuation of the MoU entered between Saudi ARAMCO and RRPCL and the three oil marketing companies – IOCL, BPCL and HPCL signed in April on the sidelines of the 16th International Energy. Today ADNOC joined as another partner in this mega project.
It is a strategic partnership between India, Saudi Arabia and the UAE which is symbolised by the MoU. The strategic partnership brings together crude supply, resources, technologies, experience and expertise of these multiple oil companies with an established commercial presence around the world.
The last four years have seen the three countries coming closer than ever before owing to the commitment and vision of Indian government.
Prime Minister Modi and the leaders of Saudi Arabia and the UAE have met multiple times to strengthen the political, economic and strategic relations and people to people contacts. Saudi Arabia has always been a trusted and reliable supplier of crude for India and a key element of India’s energy security.
On his address petroleum minister Dharmendra Pradhan mentioned that Regarding the Ratnagiri Refinery, the mega refinery will be capable of processing 1.2 million barrels of crude oil per day (60 Million Metric Tonnes Per Annum). It will produce a large range of refined petroleum products, including petrol and diesel meeting BS-VI fuel efficiency norms. The Refinery will also provide feedstock for the integrated petrochemicals complex, which will have the capacity of producing approx. 18 million tonnes per annum of petrochemical products”.
In his address Pradhan said, ”I have received this assurance from my colleague minister, H.E. Khalid Al Falih, several times including during our last meeting at Vienna last week on the margins of the OPEC International Seminar. With the UAE too we have investment in India’s strategic reserves programme”.
India received the first crude consignment to fill the Mangalore SPR last month. Indian companies – IOCL, OVL and BPRL have invested in Lower Zakhum offshore oil field in February this year and the first crude consignment from this investment also reached Mangalore on June 8.
