Abu Dhabi state petroleum firm Adnoc has joined its Saudi counterpart Aramco in a joint venture to take 50% equity in India’s proposed Ratnagiri refining and petrochemicals complex (RRPCL). The project will be built 340km south of Mumbai in Maharashtra province on India’s west coast. It will be Adnoc’s first overseas downstream investment.
Although Adnoc and Aramco did not explicitly confirm their individual shareholding in the new joint venture, India’s Minister for Petroleum and Natural Gas Dharmendra Pradhan announced on Twitter after the contract signing that “Aramco and Adnoc will have 25% each.” (CONTINUED - 1482 WORDS)
