Saudi Aramco, Adnoc to join hands for petroleum retail in India

Adnoc to invest in Rs 3 trillion West Coast refinery

Saudi Aramco, the world’s largest oil producer, and UAE’s national oil company Abu Dhabi National Oil Company (Adnoc) are in talks to jointly foray into the retail petroleum and marketing businesses in India. 

On Monday, Adnoc also signed a memorandum of understanding (MoU) with the country’s big three oil marketing firms — Indian Oil Corporation (IOC), Bharat Petroleum (BPC) and Hindustan Petroleum Corporation (HPC) — to be a part of the Rs 3 trillion-West Coast refinery and petrochemicals project in Maharashtra. 

Both the foreign companies will jointly hold 50 per cent in the proposed refinery, while the Indian trio will hold the