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UAE state-owned ADNOC yesterday signed a memorandum of understanding with Saudi Aramco to acquire stakes in India’s $44-billion West Coast refinery. Aramco, this year in April, bought 50% stake in the Ratnagiri Refinery and Petrochemicals, from the Indian consortium of oil marketing companies (OMCs). In return, Indian oil companies will bid for hydrocarbon fields in UAE, as a part of the consortium.
