On Monday, UAE Minister of State and CEO Abu Dhabi National Oil Co (ADNOC) Sultan Ahmed Al Jaber received the Lifetime Achievement Award at the Petrotech 2019 Global Energy Conference from Prime Minister Narendra Modi and said that Dubai is looking at investing more in refining and petrochemical projects in India, as well as pumping more crude oil into the latter’s strategic petroleum reserves.
“We are looking at expanding investment portfolio in the downstream sectors, especially in oil refining and petrochemicals,” he said.
“We are looking at strategic partnership, given that we can also bring our own crude. India is not only an important market for us… it is a very strategic partner,” he said.
The Ratnagiri Refinery and Petrochemicals Ltd (RRPCL) is basically a joint venture in collaboration with an Indian consortium of state-run oil marketing companies Indian Oil, Hindustan Petroleum and Bharat Petroleum.
On being asked about the quantum of stake ADNOC that if it will pick up in the 60 million tonnes per annum capacity Ratnagiri 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.”
According to the UAE Minister, Dubai is also looking at reserving more crude oil in Indian strategic reserves.
“India 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.