Sunday, January 24, 2021

Modi Magic Works, UAE All Set To Invest Whopping $45 Billion in India

India-UAE Relations have zoomed to the highest possible level under Indian PM Narendra Modi. After UAE announced to invest $45 Billion in India a few years back, Abu Dhabi National Oil Company (ADNOC) has initiated its plans to acquire a stake in an Indian refinery and expand its Ruwais refining and petrochemicals complex.

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The government energy producer known as ADNOC (Abu Dhabi National Oil Company) is contemplating, besides other business possibilities, to join Saudi ARAMCO to invest in the Ratnagiri refinery project in India, according to CEO Sultan Al Jaber in an interview to Bloomberg.

ADNOC also intends to invest $45 billion in India over five years to develop the Ruwais complex’s refining capacity by more than 65%, or 6 Lacs barrels/day, by 2025, CEO Al Jaber stated. This augmentation plan would create a total capacity of 1.5 million barrels a day for Ruwais, Al Jaber added.

“We extend an open invitation to both our existing and new associates to participate with us in building a world-leading refining and petrochemicals compound and manufacturing plant here in India.

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Abu Dhabi National Oil Company IN UAE is large crude producers, including Saudi Arabia and Kuwait in the Middle Eastern that are augmenting refining and petrochemical capacity to augment and diversify revenue. They are construction processing plants in the Middle East and Asia, where they anticipate massive demands. Abu Dhabi, which holds most of the United Arab Emirates’ oil, already sells most of its crude to Asian nations.

The U.A.E. is already a major exporter of crude oil to India besides Iraq, Iran and Saudi Arabia. India is one of the world’s fastest-growing market and is aggressively working to get backing from both Saudi ARAMCO and UAE’s ADNOC for the $45 billion Ratnagiri project.

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“I am hopeful both ARAMCO and ADNOC will be our joint venture partner in the Ratnagiri refinery,” Indian Minister Pradhan said. ADNOC recently announced a 2-million barrel cargo of oil destined for India’s strategic petroleum reserve, becoming the first foreign company to invest in that facility. ADNOC intends to store 5.86 million barrels of crude at the Karnataka facility, according to the report.

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