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ADNOC seeks Indian partners for $45 billion petrochem expansion plans

ADNOC seeks Indian partners for $45 billion petrochem expansion plans

Abu Dhabi, October 29 - Neftegaz.RU. 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 with Indian Prime Minister Narendra Modi, sought opportunities to strengthen the UAE-India energy relationships.

Indian companies are present in UAE oilfield concession, Al Jaber said referring to ONGC Videsh and its partners in 2018 acquiring a 10 % in a large offshore oilfield for $600 million. This was the 1st time any Indian company set foot in the oil-rich Emirate.

"As we continue to work together, I see significant new opportunities for enhanced partnerships, particularly across our downstream portfolio. As you know, we have launched an ambitious plan to expand our chemicals, petrochemicals, derivatives and industrial base in Abu Dhabi and I look forward to exploring partnerships with even more Indian companies across our hydrocarbon value chain," Al Jaber said.

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. The company has courted international investors to expand its oil and gas production and monetise its assets.

"India's remarkable growth as an economic power has cemented its place as one of the world's largest energy consumers. In fact, it represents the 2nd biggest market for ADNOC. This is a position we hope to build on, in line with the huge expansion of India's ambitions for growth," Al Jaber said.

ADNOC, he said, is ready to meet India's growing demand across the full portfolio of products. ADNOC was the 1st 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 % interest in the massive 60 million tonnes a year refinery-cum-petrochemical complex planned on Maharashtra coast at a cost of $44 billion.

Concluding his remarks, Al Jaber said he believes both countries have only scratched the surface of the opportunities that could benefit both India and the UAE in the energy sector, the statement said.

Indian companies have steadily increased their participation in the UAE's energy sector. In March 2019, a consortium of 2 Indian oil companies were awarded the exploration rights for an onshore block in Abu Dhabi. This followed the award in February 2018 of a 10 % participating interest in Abu Dhabi's offshore Lower Zakum Concession to OVL and its partners Bharat PetroResources and Indian Oil Corp.