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  • Saudi Aramco Signs Framework Agreement with ADNOC and MoU with Indian Consortium RRPCL to Jointly Pursue Ratnagiri Mega Refinery and Petrochemicals Complex on India’s West Coast
    édité le 25/06/2018 - Plus de news de "SAUDI ARAMCO" - Voir la fiche entreprise de "SAUDI ARAMCO"


Saudi Aramco Signs Framework Agreement with ADNOC and MoU with Indian Consortium RRPCL to Jointly Pursue Ratnagiri Mega Refinery and Petrochemicals Complex on India’s West Coast
Saudi Aramco and the Abu Dhabi National Oil Company (ADNOC) announced 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.

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 & Petrochemicals Limited (RRPCL), Indian Oil Corporation Ltd., Bharat Petroleum Corporation and Hindustan Petroleum Corporation. The MOU was signed by His Excellency 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.

Saudi Aramco CEO Amin H. Nasser says:
"Saudi Aramco is proud to partner with ADNOC and RRPCL to help ensure that the world’s fastest-growing economy has secure, reliable energy feedstocks for its long-term prosperity. The Ratnagiri project will meet India’s rising demand for fuels and chemical products while serving the strategic objectives of the partners."

His Highness 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.

The partnership between Saudi Aramco and ADNOC marks a significant step in regional energy partnership and cooperation, bringing together two of the world’s leading National Oil Companies as strategic partners with the Indian consortium. It will also combine their considerable expertise spanning crude supply, resources and technologies, along with an established commercial presence and global reach. A pre-feasibility study to determine the project’s overall configuration will now be jointly executed by the parties.

H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, commented: “This project is a clear example of our expanded downstream strategy, where we will make strategic, commercially-driven, targeted investments, both in the UAE and abroad. By investing in this project, we will both secure off-take of our crude to a key market for ADNOC, as well as strengthen access in one of the world’s largest and fastest growing refining and petrochemical markets. It underlines our expanded approach to energy partnerships by joining hands with both Saudi Aramco, and our Indian colleagues, combining a truly unique set of assets, capabilities and market reach to meet India's projected energy demand growth. Further, the project executes on the wise directives of the UAE’s leadership, to strengthen and enhance our long-term ties with these strategic partners, building on the successful partnerships that are already in place.”

Amin H. Nasser, Saudi Aramco president and CEO, emphasized the JV’s long-range focus. “World energy demand is expected to grow exponentially by 2050, driven in large part by India,” Nasser said. “Saudi Aramco is proud to partner with ADNOC and RRPCL to help ensure that the world’s fastest-growing economy has secure, reliable energy feedstocks for its long-term prosperity. The Ratnagiri project will meet India’s rising demand for fuels and chemical products while serving the strategic objectives of the partners. I am pleased that Saudi Aramco will deepen its engagement in India’s fast-growing oil and gas sector through this project that also positions us for future collaboration here as a key element of our company’s global downstream strategy.”

H.E. Shri Dharmendra Pradhan, Minister of Petroleum and Natural Gas said: "Our oil and gas relations have taken a major leap today with the signing of the MoU between Saudi Aramco and ADNOC. This will make the UAE and Saudi Arabia partners in India's rapidly growing refining sector and in India's growth story."

About Saudi Aramco

Saudi Aramco is a leading global integrated energy and chemicals company. We are driven by the core belief that energy is opportunity. From producing approximately one in every eight barrels of the world’s oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, more sustainable and more useful. This helps promote stability and long-term growth around the world.

About the Abu Dhabi National Oil Company (ADNOC)

ADNOC is one of the world’s leading oil and gas companies and is fully owned by the government of the Emirate of Abu Dhabi. The company was founded in 1971 and is active in all areas of the oil and gas industry.
It has 17 specialized subsidiaries and joint ventures operating in both upstream and downstream sectors. The ADNOC Group is active in the United Arab Emirates and across the whole world and produces more than 2.7 million boe a day. In the past few years, significant achievements were made in the expansion of the development of gas fields to meet the increased demand from industry gas users; and gas injection requirements in order to enhance the oil and condensate recovery from the producing fields.
While carrying out all its business activities, ADNOC is committed to sustainable development, ensuring a harmonious balance between people’s needs and Earth’s resources, adhering to the best international practices and supporting all programs and initiatives of environment protection while its track record in HSE sets the standard not only at the regional Gulf level but at the international level as well.


Origine : Communiqué SAUDI ARAMCO

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