Aramco-Adnoc refinery in India to cost 2X of estimated price
The initial estimated cost was $44n, however, now the refinery will be developed with an investment of $70 bn
The initial estimated cost was $44n, however, now the refinery will be developed with an investment of $70 bn
The oil giant is also looking to develop refining and petrochemical facilities in the UAE
The government of India is looking to offload its 53.29% stake in Bharat Petroleum after privatisation was approved on September 30
Adnoc, along with Adani Group, German chemical giant BASF and Austria's Borealis will develop the complex in Mundra, Gujarat by 2024
Adnoc to raise its oil production capacity to 5 million bpd by 2030
Adnoc expects infrastructure funds and private equity firms to show interest
The companies are also exploring opportunities to supply gasoline to West Africa through Nigeria
UAE and Malaysia to explore opportunities not just in oil and gas, but also renewable energy, infrastructure, and tourism
The award complements Adnoc’s upstream growth plans
The move is part of Adnoc’s plan to globalise itself in the lubricants and base oils market
The new deal covers both existing Adnoc refining business as well as the proposal for a new trading joint venture
The landmark investment comes months after Wall Street giants KKR and BlackRock signed a $4 billion pipeline deal.