UAE-based Abu Dhabi National Oil Company (Adnoc) is searching for potential opportunities in India’s lubricant market, according to media reports.
The oil giant also wants to expand its footprint in global markets. Adnoc further revealed that it wants to grow organically in India.
Adnoc earlier revealed that its first-half net profit slumped by 22.4 percent to Dh910 million due to the slump in oil prices and also the coronavirus pandemic.
Adnoc’s revenues fell 22.6 per cent from Dh10.2 billion to Dh7.9 billion.
“We are progressing well on our international expansion strategy. We are in advanced discussions with several counterparties including landlords and retail fuel operators in Saudi Arabia to grow organically, as well as continue to explore inorganic growth opportunities. We see the Saudi Arabian fuel market as large and fragmented with underdeveloped customer offerings,” the company disclosed in its Management Discussion and Analysis Report released during second-quarter results.
Last year, the media reported that Adnoc is looking to make an investment of around $45 billion in the downstream sector with partners in countries such as India, China, and Indonesia.
In India, Adnoc is collaborating with Saudi Aramco to develop a $44 billion oil refinery. Adnoc will work with Indian Oil, Bharat Petroleum and Hindustan Petroleum to develop the 1.2 million barrels per day refinery in the Indian state of Maharashtra.
Adnoc also signed an agreement with Rongsheng Petrochemical of China to explore domestic and international opportunities as the oil giant wants to tap into the Southeast Asian market.