more-inAfter Saudi Aramco, Abu Dhabi National Oil Company (ADNOC) will pick up stake in the planned $44-billion refinery-cum-petrochemical project in Maharashtra. An initial agreement for ADNOC taking stake is slated to be signed in UAE on Sunday, official sources said. Saudi Aramco, the world’s largest oil producer, had last month signed an agreement to take up 50% stake in the Ratnagiri refinery project. Now, the Saudi national oil company is diluting some of that stake to ADNOC, they said. State-owned refiners Indian Oil Corp, Hindustan Petroleum Corp Ltd. and Bharat Petroleum Corp Ltd will own the remaining 50% stake.

Source: The Hindu May 12, 2018 15:56 UTC