Aramco, ADNOC To Invest In $44-Billion Ratnagiri Refinery
The world's largest oil exporter Saudi Aramco and Abu Dhabi National Oil Company agreed to invest in the $44-billion petrochemical refinery complex at Ratnagiri, Maharashtra in what will likely be the largest overseas investment in the sector.
“We'll commence initial investment as soon as land acquisition issues are resolved,” said Amin H Nasser, chief executive officer of Saudi Aramco. “The project will catalyse future collaboration not just in energy but in variety of fields.”
“The significance goes beyond the foreign direct investment,” said Petroleum and Natural Gas Minister Dharmendra Pradhan at the memorandum signing ceremony in New Delhi. “The MoU strengthens the strategic partnership between India, Saudi Arabia and the UAE and brings together crude supply, resource, technology, experience and expertise of these multiple oil companies with an established commercial regime.”
“With oil demand set to almost double to 10 million barrels per day by 2040, India's access to adequate affordable oil has never been more important,” said Nasser. “We will support our investment with a large core integrated oil business in India. That will cover the entire value chain and partnerships with local companies ”
The refinery project will have an output of 60 million metric tonnes per annum and its first phase is expected to start operations in 2022. Three state-run oil firms—Indian Oil Corporation Ltd., Bharat Petroleum Corporation Ltd. and Hindustan Petroleum Corporation Ltd.—will jointly own 50 percent stake, while Aramco and ADNOC will own 25 percent stake each. It will produce environment-friendly fuels of Euro 6 grade and above.
‘Will Look Into Stakeholders' Opinion'
The project is facing a backlash from people in the Konkan region — it's proposed site — who claim that it will destroy highly productive mango and cashew orchards. “We'll look into the problems of farmers and address all their issues. We'll take all the stakeholders' opinion before starting work,” Pradhan said.
Pradhan said the Organisation of Petroleum Exporting Countries' decision to increase oil output by 1 million barrels per day will help India. “We are happy that they have considered our (India's) expectations.”
(Corrects an earlier version that mis-stated Aramco and ADNOC's investment)
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
