Abu Dhabi oil giant to pick up stake in Ratnagiri refinery project

June 2018

Reportedly, Abu Dhabi National Oil Company (ADNOC) will pick up a stake in the $44 billion refinery-cum-petrochemical project planned in Ratnagiri district of Maharashtra. Saudi Aramco had, in April 2018, signed an agreement to take a 50 per cent stake in the Ratnagiri refinery project. The company had stated that it would dilute some of its 50 per cent equity stake in the project at a later date, in favour of another strategic investor, and is thus selling stake to ADNOC. State-owned refiners Indian Oil Corporation Limited (IOCL), Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL) own the remaining 50 per cent stake.