Page 58 - April 2022

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INTERNATIONAL Bharat Oman Refineries Limited (BORL) has selected Engineers
ENGINEERS INDIA TO PROVIDE CONSULTANCY SERVICES
FOR BHARAT OMAN REFINERIES LTD

India Limited (EIL) for providing Consultancy Services for Electrolyser
based Green Hydrogen Plant at Bina Refinery. It shall be one of
the largest Green Hydrogen Plant in the country with a capacity
of approx. 8.5 TPD (20 MW).

GAUTAM ADANI EXPLORES PARTNERSHIPS WITH SAUDI would continue to look at investing in India.
ARAMCO A representative for Adani Group didn’t offer any immediate
Adani Group has held talks with Saudi Aramco on joint investment comment. Spokespeople for Aramco and the PIF declined to
opportunities comment.
Adani Group is exploring potential partnerships in Saudi Arabia, Strategic partnerships
including the possibility of buying a stake in the world’s largest oil Last month, the Saudi government transferred a 4 per cent stake
exporter, people with knowledge of the matter said. to PIF. The shares are now valued at about $89 billion based on
The group, led by Gautam Adani, has held preliminary talks on a Aramco’s Thursday closing price in Riyadh.
range of potential cooperation and joint investment opportunities PIF recently has kicked off discussions about how to monetise that
with Saudi Aramco and the country’s Public Investment Fund (PIF), holding as it seeks to raise funds for its ambitious investment goals,
according to the people. It has discussed the idea of buying part Bloomberg News has reported.
of the PIF’s stake in Aramco, the people said. Gautam Adani is Asia’s second-richest person with an estimated
While Adani is unlikely to shell out billions of dollars in cash for net worth of about $90.5 billion, according to the Bloomberg
Aramco stock, at least in the short-term, it could seek to link an Billionaires Index.
investment to a broader tie-up or asset swap deal, the people His conglomerate has a range of businesses covering ports,
said. power, renewable energy, airports, coal trading and data centres.
The firm could team up with Aramco or subsidiaries like Sabic in In January, Adani signed a pact with South Korea’s Posco to explore
areas such as renewable energy, crop nutrients or chemicals, one business opportunities in India. The agreement includes the setting
of the people said. up a green steel mill in Gujarat, with a potential investment of as
Adani may also offer the PIF the opportunity to invest in much as $5 billion over the coming years.
infrastructure in India, another person said. Deliberations are at Saudi Arabia has been looking to boost ties with India for several
an early stage, and Adani hasn’t made a decision on which form years. During a 2019 visit to meet Prime Minister Narendra Modi,
any potential cooperation could take, the people said. Saudi Crown Prince Mohammed Bin Salman said the country
A deal could help Aramco deepen relationships in one of the could invest $100 billion into India.
world’s fastest-growing energy consumers. The PIF has since done several deals in India, buying stakes in
The Saudi petroleum giant spent more than two years negotiating Reliance’s retail business, wireless arm and fibre-optic network
a potential $15 billion investment in the oil-to-chemicals unit of assets. The Reliance Industries Ltd has also appointed Yasir Al-
Indian billionaire Mukesh Ambani’s Reliance Industries Ltd., only Rumayyan, who’s chairman of Aramco and governor of the PIF,
for talks to be scrapped in November. Aramco said at the time it to its board.

58 CONSTRUCTION OPPORTUNITIES|APRIL 2022