Abu Dhabi National Oil Co bullish on investing in Kochi petrochem complex

Sultan Jaber pointed out India was ADNOC’s prime focus for investment in the petroleum and oil sector as the country offers huge potential in the sector.

Published: 14th February 2019 02:04 AM  |   Last Updated: 14th February 2019 02:04 AM   |  A+A-

oil prices,oil well

For representational purposes (File | Reuters)

By Express News Service

KOCHI: UAE’s Abu Dhabi National Oil Company (ADNOC) has evinced interest in investing in the petrochemical complex in Kochi, said Chief Minister Pinarayi Vijayan, who is touring the Gulf country. 
Pinarayi, in a Facebook post, said ADNOC expressed interest in his talks with Sultan Ahmed Al Jaber, Minister of State in the UAE and CEO of ADNOC, at the headquarters of ADNOC in Abu Dhabi. It was decided to form a joint task force, which will study the investment possibilities in the petro-chemical complex. Following which a team led by Jaber will visit Kerala and take follow-up steps, he said.

Sultan Jaber pointed out India was ADNOC’s prime focus for investment in the petroleum and oil sector as the country offers huge potential in the sector. During the meeting, the Chief Minister also requested ADNOC to make an investment in Kerala’s basic infrastructure sector. “The state is currently having a favourable climate towards investment and the land can be provided in Kochi for the investment by ADNOC,” Pinarayi told the top brass of the Abu Dhabi oil company.

When contacted, a state government official told Express ADNOC was looking at investing in the 600-acre petrochemical park coming up at Ambalamugal. A plot at Ambalamugal, which was in the possession of public sector FACT, as per the plan, will be developed by Kerala Industrial Infrastructure Development Corporation (Kinfra) for the petro-chemical park. 

With its  proximity to BPCL’s petro-chemical complex, the proposed park is expected to have value addition potential. Also, most of the raw materials/utilities required for downstream industries will also be easily available, besides pipeline connectivity from BPCL Refinery enables cost competitiveness.

ADNOC and  partner Saudi Aramco have been bullish on India and recently bought 50 pc stake in the planned $44 billion refinery-cum-petrochemical project at Ratnagiri in Maharashtra. It has also acquired space at underground strategic oil storages built at Mangaluru and Padur in Karnataka.

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