ADNOC to invest in Indian mega-refinery

Multinational

ABU DHABI, June 25, 2018 – ADNOC will pick up a 25% stake in the planned Ratnagiri mega-refinery, local and international media reported on Monday.

The Abu Dhabi NOC has joined Saudi Aramco in an MoU to invest jointly in the USD 44-billion complex, which is projected to process 1.2 million bpd of crude, daily Gulf News reported.

Saudi Aramco signed a deal in April to pick up a 50% stake in the project, though it will now split that interest with ADNOC, according to the reports. The Ratnagiri refinery is expected to come on stream in 2025. About half of the oil it processes is expected to come from the Gulf.

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