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Abu Dhabi National Oil Company, Saudi Aramco and a consortium of three Indian oil companies signed a framework agreement to develop a large $44 billion refining and petrochemical complex in Ratnagiri on India's west coast by exploring strategic partnerships and co-investments
.
Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister of Foreign Affairs and International Cooperation, and Dharmendra Pradhan, Minister of Oil and Gas of India, witnessed the signing
of the agreement.
Commenting on the news, Sheikh Abdullah bin Zayed Al Nahyan said: "The agreement strengthens the already close ties
between the UAE and the Kingdom of Saudi Arabia and India.
The UAE remains steadfast in its strategic multilateral relationship with Saudi Arabia and India, as well as as a reliable partner in India's energy security, and we look forward to exploring opportunities to further expand the energy partnership and work together on new and broader opportunities to further strengthen and deepen long-standing economic ties
between the three countries.
" ”
The agreement sets out the principles for joint strategic cooperation between Saudi Aramco and Abu Dhabi National Oil Company, which jointly establishes, owns and operates the complex
with a consortium of Indian Oil Corporation, Bharat Oil Company and Hindustan Oil Company.
Saudi Aramco and Adnoc will jointly own 50 percent of the new joint venture, Ratnagiri Refining and Petrochemical Company, with the remaining 50 percent owned
by an Indian consortium.
Dr.
Al Jaber, CEO of Abu Dhabi National Oil Company, said: "This project is a classic example of our expanded downstream strategy where we will make strategic, business-driven targeted investments
in the UAE and overseas.
”
Commenting on the tripartite agreement, Indian Minister of Oil and Gas Dharmendra Pradhan said: "Our oil and gas partnership has taken a major leap forward thanks to the signing of the Memorandum of Understanding between Saudi Aramco and Abu Dhabi National Oil Company, which will enable the UAE and Saudi Arabia to participate in India's burgeoning oil and gas industry and write India's story
.
" ”
Abu Dhabi National Oil Company, Saudi Aramco and a consortium of three Indian oil companies signed a framework agreement to develop a large $44 billion refining and petrochemical complex in Ratnagiri on India's west coast by exploring strategic partnerships and co-investments
.
Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister of Foreign Affairs and International Cooperation, and Dharmendra Pradhan, Minister of Oil and Gas of India, witnessed the signing
of the agreement.
Commenting on the news, Sheikh Abdullah bin Zayed Al Nahyan said: "The agreement strengthens the already close ties
between the UAE and the Kingdom of Saudi Arabia and India.
The UAE remains steadfast in its strategic multilateral relationship with Saudi Arabia and India, as well as as a reliable partner in India's energy security, and we look forward to exploring opportunities to further expand the energy partnership and work together on new and broader opportunities to further strengthen and deepen long-standing economic ties
between the three countries.
" ”
The agreement sets out the principles for joint strategic cooperation between Saudi Aramco and Abu Dhabi National Oil Company, which jointly establishes, owns and operates the complex
with a consortium of Indian Oil Corporation, Bharat Oil Company and Hindustan Oil Company.
Saudi Aramco and Adnoc will jointly own 50 percent of the new joint venture, Ratnagiri Refining and Petrochemical Company, with the remaining 50 percent owned
by an Indian consortium.
Dr.
Al Jaber, CEO of Abu Dhabi National Oil Company, said: "This project is a classic example of our expanded downstream strategy where we will make strategic, business-driven targeted investments
in the UAE and overseas.
”
Commenting on the tripartite agreement, Indian Minister of Oil and Gas Dharmendra Pradhan said: "Our oil and gas partnership has taken a major leap forward thanks to the signing of the Memorandum of Understanding between Saudi Aramco and Abu Dhabi National Oil Company, which will enable the UAE and Saudi Arabia to participate in India's burgeoning oil and gas industry and write India's story
.
" ”
