ADNOC seeks Indian partners for $45 bn petrochem expansion plans

ADNOC CEO Sultan Ahmed Al Jaber sought opportunities to strengthen the UAE-India energy relationships

New Delhi: Abu Dhabi National Oil Company (ADNOC), UAE’s biggest energy producer, is seeking Indian companies for partnership in its ambitious $45 billion downstream petrochemical expansion plans.

ADNOC CEO Sultan Ahmed Al Jaber, during a virtual session Prime Minister Narendra Modi had with global energy chief executives on Monday evening, sought opportunities to strengthen the UAE-India energy relationships, a company statement said.

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Speaking at the round-table, Al Jaber said India has always been and will always remain one of the UAE’s closest friends and one of its most important trading partners. Strategic ties between the two nations, he said, have strengthened in recent years, particularly in the field of energy.

Indian companies are present in UAE oilfield concession, he said referring to ONGC Videsh Ltd and its partners in 2018 acquiring a 10 per cent in a large offshore oilfield for $600 million. This was the first time any Indian company set foot in the oil-rich Emirate.

“As we continue to work together, I see significant new opportunities for enhanced partnerships, particularly across our downstream portfolio. As you know, we have launched an ambitious plan to expand our chemicals, petrochemicals, derivatives and industrial base in Abu Dhabi and I look forward to exploring partnerships with even more Indian companies across our hydrocarbon value chain,” Al Jaber said.

ADNOC in 2018 unveiled plans to invest USD 45 billion with partners to develop its local downstream activities, including the expansion of its Ruwais refinery and petrochemical capacity in the industrial hub.

The company has courted international investors to expand its oil and gas production and monetise its assets. “India’s remarkable growth as an economic power has cemented its place as one of the world’s largest energy consumers. “In fact, it represents the second biggest market for ADNOC. This is a position we hope to build on, in line with the huge expansion of India’s ambitions for growth,” Al Jaber said.