Adnoc has forged a partnership with India’s Adani Group, German chemical giant BASF and Austria’s Borealis to develop a $4 billion chemical complex in Mundra, in the Indian state of Gujarat. The project is expected to be completed by 2024.

This follows Adani Group’s announcement in January to develop a chemical factory at Mundra, Gujarat in partnership with BASF.

According to reports, the chemical complex, to be developed by Adnoc and partners in India will produce propylene and will run on renewable energy resources. The partners are also discussing the possibility of developing a wind and solar power plant. It is possible that the chemical complex in Mundra could be the world’s first CO2-neutral petrochemical site to be fully powered by renewable energy.

Dr. Martin Brudermueller, Chairman of the Board of Executive Directors of BASF told the media, “We will play a key role in driving this joint collaboration which is also pioneering in terms of sustainability. We look forward to working together with our partners in establishing a chemical cluster in Mundra and supplying the Indian market with high-quality downstream products.”

Recently, Adnoc signed a comprehensive strategic framework agreement with the Russian Energy Agency of the Ministry of Energy of the Russian Federation (REA). According to the agreement, the two parties will explore new opportunities for collaboration in relation to Abu Dhabi’s exploration and production concessions.

Adnoc also awarded Lukoil, a Moscow-based multinational energy company, a 5 percent stake in the Ghasha ultra-sour gas concession. Under the terms of the agreement, Lukoil will invest an initial sum of $190 million as a signing fee for the concession.

Last year, in the month of June, Adnoc, along with Saudi Aramco and a consortium of Indian oil companies signed a memorandum of understanding (MoU) to develop a $44 billion refinery in Maharashtra, India.