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Indian consortium planning to buy stake in ADNOC’s asset

ADNOC
Adnoc's board approves 5-year business plan and capital expenditure of AED 550 billion for 2023-2027

An Indian consortium comprising several oil companies is planning to buy a stake in a hydrocarbon asset of UAE’s Abu Dhabi National Oil Company (ADNOC), Indian business daily Mint reported.

The consortium is led by Indian government-owned ONGC Videsh Ltd (OVL), including Indian Oil Corporation Ltd, Bharat PetroResources Ltd and Oil India Ltd.

The Indian and UAE governments are facilitating the talks, the newspaper said.

“We already have two blocks in the UAE, of which one is a producing block, and the other is an exploration block,” the daily quoted an official as saying.

“We are looking to get into another producing block, and the stake is expected to be acquired by a consortium led by ONGC Videsh,” he added.

ADNOC had earlier announced a partnership with India’s Reliance Industries to make a facility in Ruwals, Abu Dhabi.

The UAE oil major has also awarded exploration rights in the Abu Dhabi Onshore Block 1 to the Indian consortium, the report said.