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UAE looks to invest in refining, petrochemicals, oil storage in India

IANS  |  Greater Noida 

The (UAE) said on Monday that it is looking at investing more in refining and petrochemical projects in India, as well as pumping more into the latter's strategic reserves.

Speaking to reporters here after receiving at the Petrotech 2019 global conference from Narendra Modi, UAE Co (ADNOC) said his country is looking to go beyond only selling crude to and wants to develop a strategic partnership.

"We are looking at expanding investment portfolio in the downstream sectors, especially in refining and petrochemicals," he said.

"We are looking at strategic partnership, given that we can also bring our own crude. is not only an important market for us.. it is a very strategic partner."

The proposed $44 billion project in has and Saudi Arabian national oil company as overseas strategic partners.

The and Petrochemicals Ltd (RRPCL), created as a joint venture in collaboration with an Indian consortium of state-run companies Indian Oil, Hindustan and Bharat Petroleum, is, however, being opposed by the along with a section of villagers on account of land acquisition issues involved.

Queried on the quantum of stake will pick up in the 60 million tonnes per annum capacity Ratanagiri refinery, Al Jaber said: "We are still at an early stage. We are still in the process of defining the scope and scale of the project."

"We are working very closely with our partner as well as our counterparts in India," he added.

The also said the Gulf nation is also looking at storing more in Indian strategic reserves.

"is very high on our strategic agenda and expanding our strategic reserve in India will be an item on the agenda to be discussed with our friends and counterparts in India," he said.

India has built 5.33 million tonnes of emergency storage in underground rock caverns in Mangaluru and Padur in and Visakhapatnam in

Last year, signed agreements to fill half of the strategic at Mangaluru and in Padur.

--IANS

bc/vd

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, February 11 2019. 20:22 IST
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