Saudi Aramco and the Abu Dhabi National Oil Company (ADNOC) have signed a framework agreement to jointly develop a 1.2 million barrels per day integrated mega refinery and petrochemicals complex situated in Ratnagiri, 215 miles south of Mumbai in Maharashtra, India.
Saudi Aramco and ADNOC are to jointly build, own and operate the $44bn complex in collaboration with a consortium of Indian national oil companies currently consisting of Indian Oil Corporation Ltd. (IOCl), Bharat Petroleum Corporation Ltd. (BPCL), and Hindustan Petroleum Corporation Ltd. (HPCL).
Amin H. Nasser, Saudi Aramco president and CEO, emphasized the JV’s long-range focus. “World energy demand is expected to grow exponentially by 2050, driven in large part by India,” Nasser said.
For more information, visit: www.saudiaramco.com
26th June 2018