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UAE looks to invest in refining, petrochemicals, oil storage in India
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SME Times News Bureau | 11 Feb, 2019
The United Arab Emirates (UAE) said on Monday that it is looking at
investing more in refining and petrochemical projects in India, as well
as pumping more crude oil into the latter's strategic petroleum
reserves.
Speaking to reporters here after receiving the Lifetime
Achievement Award at the Petrotech 2019 global energy conference from
Prime Minister Narendra Modi, UAE Minister of State and CEO Abu Dhabi
National Oil Co (ADNOC) Sultan Ahmed Al Jaber said his country is
looking to go beyond only selling crude to India and wants to develop a
strategic partnership.
"We are looking at expanding investment
portfolio in the downstream sectors, especially in oil refining and
petrochemicals," he said.
"We are looking at strategic
partnership, given that we can also bring our own crude. India is not
only an important market for us.. it is a very strategic partner."
The
proposed $44 billion Ratnagiri refinery project in Maharashtra has
ADNOC and Saudi Arabian national oil company Aramco as overseas
strategic partners.
The Ratnagiri Refinery and Petrochemicals Ltd
(RRPCL), created as a joint venture in collaboration with an Indian
consortium of state-run oil marketing companies Indian Oil, Hindustan
Petroleum and Bharat Petroleum, is, however, being opposed by the Shiv
Sena along with a section of villagers on account of land acquisition
issues involved.
Queried on the quantum of stake ADNOC will pick
up in the 60 million tonnes per annum capacity Ratanagiri refinery, Al
Jaber said: "We are still at an early stage. We are still in the process
of defining the scope and scale of the project."
"We are working very closely with our partner Saudi Aramco as well as our counterparts in India," he added.
The UAE Minister also said the Gulf nation is also looking at storing more crude oil in Indian strategic reserves.
"India
is very high on our strategic agenda and expanding our strategic
reserve in India will be an item on the agenda to be discussed with our
friends and counterparts in India," he said.
India has built 5.33
million tonnes of emergency storage in underground rock caverns in
Mangaluru and Padur in Karnataka and Visakhapatnam in Andhra Pradesh.
Last year, ADNOC signed agreements to fill half of the strategic oil reserves at Mangaluru and in Padur.
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