Abu Dhabi oil giant to pick up stake in Ratnagiri refinery project


Abu Dhabi oil giant to pick up stake in Ratnagiri refinery project

After Saudi Aramco, Abu Dhabi National Oil Company (ADNOC) will pick up stake in the planned USD 44-billion refinery-cum-petrochemical project in Maharashtra.

An initial agreement for ADNOC taking stake is slated to be signed in UAE tomorrow, official sources said.  Saudi Aramco, the world’s largest oil producer, had last month signed an agreement to take up 50 per cent stake in the Ratnagiri refinery project.

Aramco had, at the agreement signing event, stated that it will at a later date dilute some of its 50 per cent equity stake in the 60 million tonne-a-year refinery project in favour of another strategic investor.  Read More…