UAE to invest in refining, petrochemical projects, oil storage in India

Business Standard UAE to invest in refining, petrochemical projects, oil storage in India

UAE's Abu Dhabi National Oil Co (ADNOC) and its partner Saudi Aramco have jointly taken a 50% stake in the planned $44 billion refinery-cum-petrochemical complex at Ratnagiri in Maharashtra

International News: Betting big on rising oil demand in the world's third largest energy consumer, oil-rich UAE it is looking at investing more in refining and petrochemical projects as well as stocking more crude in India.

UAE's Abu Dhabi National Oil Co (ADNOC) and its partner Saudi Aramco have jointly taken a 50 per cent stake in the planned $44 billion refinerycum-petrochemical complex at Ratnagiri in Maharashtra.

It has hired space at the underground strategic oil storages built at Mangalore and Padur in Karnataka.

"We are looking at expanding investment portfolio in the downstream sectors (particularly) oil refining and petrochemicals," said Sultan Ahmed Al Jaber, Minister of State in the United Arab Emirates and CEO of the ADNOC. UAE, he said, is looking to go beyond merely selling crude oil to India and wants to develop a strategic partnership.

"We are only looking at strategic partnership given that we can also bring our own crude," he said. "India is not only an important market for us. India is a very strategic partner."

UAE, he said, is looking to expand its cooperation with India and it will look at enhancing avenues of cooperation.

The minister was talking to reporters after receiving Lifetime achievement award at the Petrotech Conference from Prime Minister Narendra Modi.

Like other major producers, Aramco and ADNOC are looking to lock in customers in the world's third-largest oil consumer through investments...Read More