The Emirati oil company Abu Dhabi National Oil Company (ADNOC) has signed a Memorandum of Understanding (MoU) with Saudi Arabia's national oil company Saudi Aramco to take part to the US$44bn refinery project in Ratnagiri in the state of Maharashtra (India). The project is developed by Ratnagiri Refinery and Petrochemicals (RRPCL), a joint venture of Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL), which will own 50% in the project; Saudi Aramco and ADNOC will each own 25% in the refinery project.
The Ratnagiri refinery will have a total production capacity of 1.2 mb/d (60 Mt/year) and is a key project and is designed to meet India's fast-growing fuels demand. It is expected to produce a range of refined petroleum products such as gasoline and diesel, meeting BS-VI fuel efficiency norms. The project will also include associated facilities such as a logistics, crude oil and product storage terminals, raw water supply, as well as centralized and shared utilities.