ADNOC to pick up stake in USD 44-billion Ratnagiri refinery project

Abu Dhabi National Oil Company (ADNOC) has signed an initial pact to take a stake in the planned USD 44-billion refinery in Maharashtra.

Aramco and ADNOC will together hold 50 per cent stake in the 60 mtpa refinery and adjacent 18 mtpa petrochemical complex while the remaining half will be split between state-owned Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL).