The Abu Dhabi National Oil Company (ADNOC) has inked a long-term sales agreement with the Indian Oil Corporation (IndianOil) for its high-quality base oil (ADbase).

The agreement supports ADNOC’s plan to enhance its downstream sector and petrochemical operations.

The Iraqi oil ministry is holding talks with foreign oil companies debating alteration to the signed agreements in an attempt to switch from the currently used service agreements model to a revenue-sharing model that reflects on the global oil prices.