Betting big on rising oil demand in the world’s third largest energy consumer, oil-rich UAE on Monday said 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 USD 44 billion refinery-cum-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. Read More
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