Govt seeks Aramco, Adnoc backing for $44 billion oil refinery

Adnoc on Saturday announced a 2-million barrel cargo of oil destined for India's strategic petroleum reserve, becoming the first foreign company to invest in the facility

India, the world’s fastest-growing oil market, is targeting support from both Saudi Aramco and Abu Dhabi National Oil Co. for the Asian nation’s proposed $44 billion refinery, according to the Indian oil minister.

Aramco, known officially as Saudi Arabian Oil Co., signed a memorandum of understanding last month to join the proposed Ratnagiri refinery and possibly take a 50 percent stake in the project. Abu Dhabi’s government-run Adnoc may also acquire some of Aramco’s share, Minister Dharmendra Pradhan said.

“I am hopeful both Aramco and Adnoc will be our joint venture partner in the Ratnagiri refinery,” Pradhan said in a