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UAE keen to invest in refining, petrochemical projects in India

Gasoil News - Published on Wed, 13 Feb 2019

Image Source: Moneycontrol
PTI reported that betting big on rising oil demand in the world's third largest energy consumer India, oil-rich UAE said it is looking at investing more in refining and petrochemical projects as well as stocking more crude in India. Sultan Ahmed Al Jaber, Minister of State in the United Arab Emirates and CEO of the ADNOC, said "We are looking at expanding investment portfolio in the downstream sectors particularly oil refining and petrochemicals. UAE is looking to go beyond merely selling crude oil to India and wants to develop a strategic partnership. We are only looking at strategic partnership given that we can also bring our own crude. India is not only an important market for us. India is a very strategic partner."

UAE, he said, is looking to expand its cooperation with India and it will look at enhancing avenues of cooperation.

UAE's Abu Dhabi National Oil Co (ADNOC) and its partner Saudi Aramco have jointly taken a 50 per cent stake in the planned USD 44 billion refinery-cum-petrochemical complex at Ratnagiri in Maharashtra. It has hired space at the underground strategic oil storages built at Mangalore and Padur in Karnataka.

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Posted By : Rabi Wangkhem on Wed, 13 Feb 2019
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