Dhahran, Saudi Aramco and the Abu Dhabi National Oil Company (ADNOC) announced today that they have signed a Framework Agreement to jointly develop the Ratnagiri Refinery and Petrochemicals Limited (RRPCL), a 1.2 million barrels per day integrated mega refinery and petrochemicals complex at Ratnagiri, 215 miles south of Mumbai in Maharashtra, India. The Framework Agreement was signed by Amin Nasser, CEO of Saudi Aramco, His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO.
In a statement to Saudi Press Agency (SPA), the agreement defines the principles of the joint strategic cooperation between Saudi Aramco and ADNOC to jointly build, own and operate the complex in collaboration with a consortium of Indian national oil companies currently consisting of Indian Oil Corporation Ltd. (IOCl), Bharat Petroleum Corporation Ltd. (BPCL), and Hindustan Petroleum Corporation Ltd. (HPCL). Saudi Aramco and ADNOC will jointly own 50% of the new joint venture Company RRPCL, with the remaining 50% owned by the Indian Consortium.
Furthermore, Saudi Aramco CEO Amin H. Nasser signed an MoU and Acknowledgement with ADNOC, Ratnagiri Refinery and Petrochemicals Limited (RRPCL), Indian Oil Corporation Ltd., Bharat Petroleum Corporation and Hindustan Petroleum Corporation. The MOU was signed by Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, Sanjiv Singh, Chairman of the Indian Oil Corporation Ltd, M.K. Surana, Chairman and Managing Director, Hindustan Petroleum Corporation Ltd, D Rajkumar, Chairman and Managing Director, Bharat Petroleum Corporation Ltd. B Ashok, CEO of the Ratnagiri Refining and Petrochemical Company Ltd also witnessed the signing.
Sheikh Abdullah bin Zayed bin Sultan Al Nahyan, UAE Minister of Foreign Affairs and International Cooperation, and Shri Dharmendra Pradhan, India's Minister of Petroleum and Natural Gas, witnessed the signing of the agreements between ADNOC, Saudi Aramco and a consortium of three Indian oil companies, to explore a strategic partnership and co-investment in the development of a new US $44 billion mega refinery and petrochemicals complex at Ratnagiri, on India's west coast.
Source: Saudi Press Agency