Middle East crude baron UAE has shown a major interest in India’s petrochemical sector. The rising oil demand in the world's third largest energy consumer, oil-rich UAE Monday said it is looking at investing more in refining and petrochemical projects as well as stocking more crude in India. UAE's Abu Dhabi National Oil Co (ADNOC) and its partner Saudi Aramco have jointly taken a 50 per cent stake in the planned USD 44 billion refinery-cum-petrochemical complex at Ratnagiri in Maharashtra. We are only looking at strategic partnership given that we can also bring our own crude," he said. "India is not only an important market for us. India is a very strategic partner." Aramco and ADNOC will together own 50 per cent of the planned project but a division between them has not yet been announced. The remaining 50 per cent stake is held by state-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and HPCL.
