Abu Dhabi National Oil Company (ADNOC) and Saudi Aramco have signed a $44bn contract to build and operate a big oil refinery in Ratnagiri on the western coast of India.
In his comment on the huge contract signing, His Highness Sheikh Abdullah bin Zayed bin Sultan Al Nahyan, UAE Minister of Foreign Affairs and International Cooperation who attended the contract signing assured that the new deal strengthens the business ties between the UAE and Saudi Arabia on one hand, and the ties between UAE and India on the other.
On the other hand, Amin Nasser, CEO of Saudi Aramco explained that the new Ratnagiri oil refinery will significantly help India meet its needs for power and energy.
The contract was signed by the two leading companies along with a trio of the largest oil companies in India: Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustian Petroleum Corporation.
As a result of the agreement, Ratnagiri Refining and Petrochemical Company, a new joint venture between the five companies, has been launched. The three India-based corporations will own 50% of the venture. The announcement did not disclose a specific timeline for the construction of the $44bn project.