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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.”
Aramco and Adnoc signed a framework agreement with a consortium of Indian companies – Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) – to take equity in Ratnagiri Refinery & Petrochemicals Ltd (RRPCL), in which the Indian firms will hold 50% equity (IOC with 25%, BPCL and HPCL each with 12.5%).
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