Abu Dhabi National Oil Company (ADNOC), Adani Group (Adani), BASF SE (BASF) and Borealis AG (Borealis) have signed a Memorandum of Understanding (MoU) to engage in a joint feasibility study to further evaluate a collaboration for the establishment of a chemical complex in Mundra. The PP complex will be the first overseas production joint investment by ADNOC and Borealis as part of a strategic framework with their current joint venture Borouge.
The designated site is planned at Mundra Port in Gujarat, and the products are predominantly for the Indian market, serving a wide range of local industries, including construction, automotive and coatings.
The chemical complex in Mundra is intended to be entirely supplied from renewable energy resources. The partners are evaluating co-investment in a wind and solar park; plans are at an advanced stage of development. If realised, this would be the world’s first world-scale CO2-neutral petrochemical site to be fully powered by renewable energy, said a release.
