Abu Dhabi National Oil Company (ADNOC) has inked an initial agreement to take up stake in the planned USD 44 billion refinery-cum-petrochemical project in Ratnagiri, Maharashtra.

ADNOC has associated with Saudi Aramco, in the project that is proposed to come on stream by 2025. Amin Nasser, Aramco CEO stated, “Saudi Aramco and ADNOC will together hold 50% stake. The terms are being discussed.”

Moreover, state-owned refiners Indian Oil Corp (IOC), Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) will own the remaining 50% stake.

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