Oil firms prepare for potential investments from Aramco, Adnoc

MUMBAI : Indian Oil Corp. Ltd (IOCL), Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL) are preparing to receive investments from Saudi Aramco and Abu Dhabi National Oil Company (Adnoc) even as the state-run oil marketing companies await the Maharashtra government’s decision on providing a fresh patch of land for the $70 billion Ratnagiri Refinery and Petrochemicals Ltd project.

IOCL, BPCL and HPCL will invest a total of ₹100 crore to complete preliminary work on the project, following which they intend of make a presentation to Aramco and Adnoc. While IOCL will put in ₹50 crore, BPCL and HPCL will contribute ₹25 crore each, said a senior official from one of the oil marketing companies.

“We have completed the configuration study and are preparing the project report.