ADNOC to sign deal on Monday for stake in Indian refinery

Business Saturday 23/June/2018 14:07 PM
By: Times News Service
ADNOC to sign deal on Monday for stake in Indian refinery

New Delhi: Abu Dhabi National Oil Co (ADNOC) will sign an agreement with Saudi Aramco and Indian companies on Monday for an up to 25 per cent stake in a planned $44 billion refinery and petrochemical project in India, a government source said.
Major oil producers are targeting Asia, where fuel demand is growing, as a stable outlet for their oil.
India, the world's third biggest oil importer and consumer, aims to expand its refining capacity by 77 per cent to 8.8 million barrel per day (bpd) by 2030.
"The deal will be signed on Monday," said a government source.
Abu Dhabi National Oil Company (ADNOC) plans to invest $45 billion over the next five years to expand its refining and petrochemicals operations.
Saudi Aramco in April signed a deal with Indian state refiners for a 50 per cent stake in the planned 1.2 million barrels per day project to be built on the country's west coast.
Indian Oil Corp, the country's top refiner, owns 25 per cent stake in the project, while Hindustan Petroleum Corp. and Bharat Petroleum Corp have 12.5 per cent stake each.
Aramco had said in April it may introduce a strategic partner to share its 50 per cent stake.
This would be ADNOC's second investment in Indian oil and gas sector after a deal to lease part of Indian oil storage in southern India.