UAE’s ADNOC, India’s Adani chemical complex project put on hold amid COVID
- The planned location at Mundra located in the western state of Gujarat is owned by India’s multinational conglomerate Adani,
UAE energy giant ADNOC (Abu Dhabi National Oil Co.), the country’s leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi, and Australia’s Borealis have decided to put on hold a chemical complex project planned for Mundra, Gujarat in India due to the uncertainty brought on by the coronavirus pandemic.
The project also partners Germany's BASF and India's Adani Group.
Back in 2019, a four-party memorandum of understanding (MoU), was signed between ADNOC, Adani Group, BASF, and Borealis under which the companies completed a joint feasibility study for a chemical complex in Mundra, India.
The project study comprised a ‘world-scale’ propane dehydrogenation (PDH) plant, a polypropylene (PP) production and an acrylics value chain complex, and the creation of a port. The planned location at Mundra located in the western state of Gujarat is owned by India’s multinational conglomerate Adani,
"Despite all attempts to optimize the scope and the configuration, the project has been put on hold," said a statement, quoted Gulf News. "The partners remain convinced about the strong fundamentals represented by the Indian market and agreed to periodically explore market conditions and discuss any opportunity that may arise over time," it added.
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