ADNOC to ink agreement for USD44bn Indian refinery project| MENAFN.COM

Tuesday, 17 May 2022 04:56 GMT

ADNOC to ink agreement for USD44bn Indian refinery project


(MENAFN) A source for the Indian government unveiled Abu Dhabi National Oil Co (ADNOC) to be set to sign a deal with Saudi Aramco and Indian companies on Monday for an up to 25 percent share in a proposed USD44 billion refinery and petrochemical project in India.

Leading oil producers were said to be eyeing Asia, where there is an increasing fuel demand, as a stable outlet for their oil.

India is looking for a 77 percent expansion of its refining capacity, targeting 8.8 million barrel per day (bpd) to be reached by 2030.

The government source also announced that "the deal will be signed on Monday," with ADNOC planning a USD45 billion investment over the following five years to boost its refining and petrochemicals operations.

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