The Indian conglomerate(RIL) plans to hitch projects at Abu Dhabi National Oil Co.’s Ruwais refining hub, the people said. India’s Economic Times, which first reported the news, said the investment will amount to the maximum amount of $1.5 billion and should be announced as soon as Tuesday.
Adnoc, which pumps most of the oil and gas within the United Arab Emirates, is hoping to draw in around $5 billion into Ruwais under a program called Ta’ziz. The country is seeking to spice up investments in higher-value petroleum products like chemicals.
Reliance(RIL), the operator of the world’s biggest refining complex, and Adnoc signed a framework in 2019 to explore joint investments in petrochemicals.
The Indian company(RIL), led by Asia’s richest person Mukesh Ambani, is additionally in talks with Saudi Aramco about refining ventures. Ambani expects to finalize a deal this year that will see the Saudi firm invest billions of dollars in Reliance’s oil-to-chemicals projects. Aramco’s chairman, Yasir Al-Rumayyan, will join Reliance’s board, Ambani announced last week.
“His joining our board is additionally the start of internationalization of Reliance,” Ambani said. “You will hear more about our international plans within the times to return .”