Govt seeks Aramco, Adnoc backing for $44 billion oil refinery

UAE state oil giant ADNOC plans to invest $45 billion in downstream expansion

Union Minister of Petroleum and Natural Gas Dharmendra Pradhan on Sunday said that the United Arab Emirates (UAE) is the first country to invest in Indian Strategic Petroleum Reserves Limited (ISPRL) which will boost strategic relationship of both countries.

The UAE, OPEC's fourth largest producer, aims to boost crude oil production capacity from 3.2 million barrels per day at present to 3.5 million bpd at the end of the year.

According to a 12 May Indian government statement the loading of the first crude consignment was witnessed by petroleum minister Dharmendra Pradhan who is now on a visit to the gulf nation.

U.S. President Donald Trump on Tuesday reneged on an global nuclear accord with Iran and announced renewed sanctions against the OPEC member. Also, there has been a rally in global crude oil prices due to a combination of factors such as Opec and Russian Federation cutting supplies, falling production in Venezuela and geopolitical tensions.

The ISPRL has stored around 39 million barrels of strategic crude oil at three locations in Vishakhapatnam, Mangalore and Padur, for emergency purposes. They had detailed discussions on the Indian downstream sector and explored the various opportunities for participation of UAE companies in the mega petroleum sector infrastructure projects in India.

Adnoc will also provide incentives for small and medium-sized businesses to establish themselves in a planned derivatives and conversion park in Ruwais, that would grow on the back of the expansion of refining and chemicals facilities. Downstream Investment Forum is a very important forum and UAE is a reliable partner of India.

BJP will win almost 130 seats in Karnataka, says Yeddyurappa
Meanwhile, Chief Minister Siddaramaiah has reiterated that he was confident of Congress retaining the power. Still, Polling to 222 Karnataka Assembly constituencies began at 7 AM and will continue till 6 PM.

The government producer is mulling over a joint investment in the $44 billion Indian Ratnagiri refinery - India is now the world's fastest growing oil market.

Building on the existing strengths and competitive advantages of the Ruwais Industrial Complex, ADNOC will create the world's largest and most advanced integrated refining and petrochemicals complex, increasing the range and volume of its high-value downstream products, securing better access to growth markets around the world, and creating a manufacturing ecosystem in Ruwais.

India-UAE Relations have zoomed to the highest possible level under Indian PM Narendra Modi.

In March 2017, the Indian cabinet approved plans Indian Strategic Petroleum Reserve Ltd. and ADNOC's crude storage partnership, following an agreement in January to store 5.86 million barrels of ADNOC oil at the underground SPR facility in Karnataka.

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. ADNOC's new strategy is expected to create more than 15,000 jobs and contribute 1% to UAE GDP growth.

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