Abu Dhabi National Oil Company (ADNOC), UAE’s biggest energy producer, is seeking Indian companies for partnership in its ambitious $45 billion downstream petrochemical expansion plans. ADNOC CEO Sultan Ahmed Al Jaber, during a virtual session Prime Minister Narendra Modi had with global energy chief executives recently, sought opportunities to strengthen the UAE-India energy relationships, as per reports. Strategic ties between the two nations, have strengthened in recent years, particularly in the field of energy.
ADNOC in 2018 unveiled plans to invest $45 billion with partners to develop its local downstream activities, including the expansion of its Ruwais refinery and petrochemical capacity in the industrial hub. 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. ADNOC along with Saudi Aramco have together taken a 50 per cent interest in the massive 60 million tonne a year refinery-cum-petrochemical complex planned on Maharashtra coast at a cost of $44 billion.