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Joint bidding for oil blocks with UAE
Why in the news ?
- With the firms based in UAE, India is considering jointly bidding for oil blocks.
- The statement came on the sidelines of the MoU signing ceremony with Saudi Aramco and ADNOC for their investment in the Ratnagiri refinery.
More on news
- The MoU signed by Saudi Aramco and ADNOC on Monday was to jointly develop and build an integrated refinery and petrochemicals complex at Ratnagiri in Maharashtra.
- The project would be implemented by Ratnagiri Refinery & Petrochemicals Ltd. (RRPCL).
- The petroleum minister said that India would consider leasing a part of its third strategic reserve in Padur if Abu Dhabi National Oil Company (ADNOC) was interested.
- It had already leased a part of the strategic reserve in Mangalore to ADNOC.
- The investment by Saudi Aramco and ADNOC in the $44 billion project will be the highest ever overseas investment in the Indian refining sector.
- The Ratnagiri refinery would be capable of processing 1.2 million barrels of crude oil per day or 60 million metric tonnes per annum.
- It would produce a wide range of refined petroleum products, including petrol and diesel meeting BS-VI fuel efficiency norms.
- The refinery is also supposed to provide feedstock for the integrated petrochemicals complex, which would have the capacity of producing about 18 million tonnes per annum of petrochemical products.
Source
The Hindu