United Arab Emirates wants to invest in refining-petrochemical project
Considering the ever-increasing demand for oil, the UAE has proposed to increase investment in the refinery and petrochemical sector of India. Sultan Ahmed Al-Jabar, the Minister of State of the UAE and ADNOC, said, "India is not just a market for us but it is also an important strategic partner. We just do not want to be India as a country to sell crude oil. We want to bring our relationship into a strategic partnership. "In this way, we want to increase our investment in refining and petrochemical sector in India.
UAE's Abu Dhabi National Oil Company (ADNOC) and its partner Saudi Aramco have taken 50 percent stake in the proposed 44 billion Dollar Refinery and Petrochemical project in Ratnagiri in Maharashtra. When asked about the shareholding of his company, ADNOC, in Ratnagiri, the proposed 60 million tonne refinery, he said, "We are in the early stages. The format of the project is being fixed. "ADNOC has taken the initiative to keep its oil in strategic underground oil warehouses built in Mangalore and Padur of Karnataka. He said that India is far above our strategic agenda. Increasing strategic reserves in India is involved in this agenda.
Modi Government has planned to expedite the work of exploration of Shell Gas and Oil reserves in the country. The companies concerned have been asked to present a plan about this. According to the information, the Directorate of Oil and Gas Regulatory Hydrocarbons (DGH) met with representatives of various private and government companies in January and requested to move forward to exploit shell resources in the oil and gas blocks.