Abu Dhabi – Mubasher: Abu Dhabi National Oil Company (ADNOC) has signed an agreement on Sunday with Saudi Aramco to acquire a part of the Saudi firm’s stake in India’s $44 billion Ratnagiri refinery.

After signing the deal, ADNOC will own half of Ratnagiri refinery project and the integrated petrochemical complex, according to a press release.

In April, Aramco inked an agreement with Ratnagiri to take up 50% stake in the refinery and the petrochemicals complex. Then, the world’s largest oil producer noted that it would dilute some of its 50% equity stake in the refinery project in favour of another strategic investor.

Aramco's April agreement entailed supplying half of the crude oil required for processing at the refinery that will be commissioned by 2025.

Hindustan Petroleum Corp. Ltd (HPCL), Bharat Petroleum Corp. Ltd (BPCL), and Indian Oil Corp. (IOC) will own the remaining 50% stake.