Abu Dhabi National Oil Company (Adnoc), Saudi Aramco (Aramco) and a consortium of three Indian oil companies have signed a framework agreement to explore the development of a new $44 billion mega refinery and petrochemicals complex at Ratnagiri, on India's west coast.
The deal will involve a strategic partnership and co-investment in the development between all parties.
Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO said project is a clear example of ADNOC’s plan to expand its downstream strategy “where we will make strategic, commercially-driven, targeted investments, both in the UAE and abroad”.
In this edition of Inside AB, Jeremy Lawrence and Eddie Taylor look at the specifics of the mega-deal and outline why the project is a win-win for the Middle East and India.
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(Source: Arabianbusiness.com YouTube channel)