Abu Dhabi National Oil Co. (ADNOC) on Monday signed an initial agreement to pick up a stake in the planned $44-billion Ratnagiri refinery in Maharashtra. ADNOC joins Saudi Aramco, the world’s largest oil producer, in the project that is planned to come on stream by 2025. “Saudi Aramco and ADNOC will together hold 50% stake. The terms are being discussed,” Aramco CEO Amin Nasser told reporters after inking the pact.
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