India Seeks Aramco, Adnoc Backing for $44 Billion Oil Refinery
- Saudi Aramco signed MoU to join Indian project last month
- Abu Dhabi’s Adnoc to store 5.86 million barrels in India
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India, the world’s fastest-growing oil market, is targeting support from both Saudi Aramco and Abu Dhabi National Oil Co. for the Asian nation’s proposed $44 billion refinery, according to the Indian oil minister.
Aramco, known officially as Saudi Arabian Oil Co., signed a memorandum of understanding last month to join the proposed Ratnagiri refinery and possibly take a 50 percent stake in the project. Abu Dhabi’s government-run Adnoc may also acquire some of Aramco’s share, Minister Dharmendra Pradhan said.