Mega refinery development agreement signed

New Delhi, June 26 (BNA): His Highness Shaikh Abdullah bin Zayed Al Nahyan, Foreign Affairs and International Cooperation Minister, and Shri Dharmendra Pradhan, India’s Minister of Petroleum and Natural Gas, witnessed the signing of a framework agreement, between the Abu Dhabi National Oil Company (ADNOC), Saudi Aramco (Aramco) and a consortium of three Indian oil companies, to explore a strategic partnership and co-investment in the development of a new $44 billion mega refinery and petrochemicals complex at Ratnagiri, on India’s west coast.  The Framework Agreement was signed by Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and ADNOC Group CEO, Amin Nasser, CEO of Saudi Aramco, Sanjiv Singh, Chairman of the Indian Oil Corporation Ltd, M.K. Surana, Chairman and Managing Director, Hindustan Petroleum Corporation Ltd, D Rajkumar, Chairman and Managing Director, Bharat Petroleum Corporation Ltd. B Ashok, CEO of the Ratnagiri Refining and Petrochemical Company Ltd also witnessed the signing, Emirates News Agency (WAM) reported. Commenting on the announcement, HH Shaikh Abdullah said, "This agreement strengthens the already close ties between the UAE and the Kingdom of Saudi Arabia and between the UAE and India. The UAE is unwavering in its commitment to its strategic multi-lateral relationships with both Saudi Arabia and India, as well as being a reliable partner in India’s energy security. We look forward to exploring further opportunities to expand our energy partnerships and to collaborating on new, broader; opportunities that will further strengthen and deepen the long-standing economic links between our three countries."