ADNOC seeks Indian companies for petrochemical expansion plans
- 29/10/2020
The Abu Dhabi National Oil Company (ADNOC), a UAE-based energy producer, is looking for Indian companies for partnership in its USD 45 billion downstream petrochemical expansion plans.
ADNOC has sought opportunities to strengthen the UAE-India energy relationships.
The company has launched an ambitious plan to expand its chemicals, petrochemicals, derivatives and industrial base in Abu Dhabi, and it looks forward to exploring partnerships with more Indian companies across its hydrocarbon value chain.
ADNOC in 2018 unveiled plans to invest USD 45 billion with partners to develop its local downstream activities, including the expansion of its Ruwais refinery and petrochemical capacity in the industrial hub.
The company is a key supplier to India’s strategic petroleum reserves and keen to expand the commercial scale and scope of this strategic reserves partnership.
ADNOC was the first foreign company to hire space at the underground crude oil storage India has built as an insurance against supply and price disruptions.
It is also a stakeholder in one of India’s largest refinery and petrochemical projects to be constructed on India’s west coast.
ADNOC along with Saudi Aramco have together taken 50 percent interest in 60 million tpa refinery-cum-petrochemical complex planned on Maharashtra coast at a cost of USD 44 billion.
Source: Manufacturing Today
