Abu Dhabi National Oil Company (ADNOC) has signed to buy part of Saudi Aramco’s stake in the $44 billion Ratnagiri refinery in Maharashtra, India, The Economic Times reported.
Aramco signed an agreement in April to buy a 50% stake in the refinery on the condition that it would sell some its equity to another investor at a later date.
However the exact details of the split have not yet been decided. “Saudi Aramco and ADNOC will together hold 50% stake. The terms are being discussed,” Aramco CEO Amin Nasser told reporters.
An Indian consortium consisting of the Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation own the remaining 50% stake.
The Ratnagiri refinery project will be the largest in India at 60 million tons per year, and is expected to be operational by 2025.