{"id":87522,"date":"2026-02-18T00:00:00","date_gmt":"2026-02-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/mena-india\/2026\/02\/18\/this-afternoon-ratnagiri-refinery-hits-setback-as-gulf-backers-reassess-participation\/"},"modified":"2026-02-18T00:00:00","modified_gmt":"2026-02-18T00:00:00","slug":"this-afternoon-ratnagiri-refinery-hits-setback-as-gulf-backers-reassess-participation","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/mena-india\/2026\/02\/18\/this-afternoon-ratnagiri-refinery-hits-setback-as-gulf-backers-reassess-participation\/","title":{"rendered":"THIS AFTERNOON: Ratnagiri refinery hits setback as Gulf backers reassess participation"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>Good afternoon, readers.<\/strong> The AI Summit in Delhi is commanding a major share of the newsprint in today\u2019s issue. The event, which runs through Friday, features big tech CEOs, world leaders, and investors to debate the future of AI and India\u2019s position as a leader of the global south in the field.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;text-align:left\"><strong>India<\/strong><strong>\u2019<\/strong><strong>s primary focus is a bid to attract USD 200 <\/strong><strong>bn<\/strong><strong> in AI-linked investments.<\/strong> Anthropic, AMD, Nvidia, and Micron are accelerating their partnerships, while Asia's second-richest man, Gautam Adani, has announced a significant AI pledge.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO<\/strong><strong>-<\/strong> Plans for the Ratnagiri refinery, intended as a joint venture among India\u2019s state-run giants, Adnoc, and Aramco, may have to be shelved.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Let\u2019s dive in. <\/p>\n<p class=\"tag-border-left\">Watch this space <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>ENERGY<\/strong> <strong>\u2014 India\u2019s long-delayed Ratnagiri refinery in Maharashtra faces fresh uncertainty as key Gulf partners reassess their role<\/strong>, <a target=\"_blank\" href=\"https:\/\/m.economictimes.com\/industry\/energy\/oil-gas\/adnoc-may-be-out-aramco-seeks-fresh-maha-project-terms\/amp_articleshow\/128477621.cms\" style=\"\">The Economic Times<\/a> reports, citing unnamed industry officials. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s changed? <\/strong>Abu Dhabi National Oil Company (Adnoc) is understood to have withdrawn from the project, while Saudi Aramco has sought a review of its investment terms. Persistent land acquisition issues have stalled progress for over a decade.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Context: <\/strong>The refinery was conceived as a joint venture between Saudi Aramco, Adnoc, and Indian state-run refiners Indian Oil Corporation, Bharat Petroleum (BPCL) and Hindustan Petroleum, with a planned capacity of 60 mtpa and an investment of INR 3 tn (USD 33.1 bn). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters<\/strong><strong>: <\/strong>Saudi Aramco is instead keen to partner with BPCL for a <a target=\"_blank\" href=\"https:\/\/www.outlookbusiness.com\/corporate\/saudi-aramco-likely-to-pick-minority-stake-in-bpcls-new-andhra-refinery\" style=\"\">20% stake<\/a> in a proposed coastal refinery-petrochemicals complex in Andhra Pradesh.The pivot shows how execution risks are reshaping India\u2019s mega-refining ambitions, as Gulf demand is reshaped by a preference for port-adjacent, mid-scale sites with lower political and land-acquisition friction.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt2\"><\/a> <strong>TRADE<\/strong><strong> \u2014 India will exclude tariff concessions on gold in a freetrade agreement (FTA) with the six-member Gulf Cooperation Council (GCC) <\/strong>to curb surging gold imports at reduced customs duties, <a target=\"_blank\" href=\"https:\/\/www.moneycontrol.com\/news\/business\/india-likely-to-keep-gold-out-of-trade-deal-with-gulf-bloc-13832184.html\" style=\"\">Moneycontrol<\/a> reports, citing officials. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters: <\/strong>The stance follows a surge in gold imports after the India-UAE FTA, under which India allowed a quota of gold imports at 1% customs duty. Gold imports from the UAE surged to USD 16.8 bn in FY 2025 from USD 5.8 bn in FY 2022. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Policy continuity: <\/strong>India kept gold and silver bullion outside tariff concessions under its trade agreement with Oman, signed in December 2025, and will maintain a similar position in talks with the GCC.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Context: <\/strong>India and the GCC formally launched negotiations last week covering goods, services, and investment. Bilateral trade between India and the GCC stood at USD 178.5 bn in FY 2025. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a> <strong>LOGISTICS<\/strong><strong> \u2014 Adani Ports has entered into an agreement with France\u2019s Marseille Fos Port<\/strong> to strengthen cooperation under the India-Middle East-Europe Economic Corridor (IMEC), according to a <a target=\"_blank\" href=\"https:\/\/www.adani.com\/newsroom\/media-releases\/adani-ports-and-sez-and-port-of-marseille-fos-sign-strategic-imec-partnership\" style=\"\">press release<\/a>. The agreement links Adani\u2019s Mundra and Hazira ports \u2014 described as eastern IMEC gateway ports \u2014 with Marseille Fos, which is positioned as a western European gateway under the corridor framework.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IMEC<\/strong>, a multimodal connectivity corridor initiative launched at the 2023 G20 Summit, seeks to connect India, the Middle East, and Europe via a seamless blend of sea, rail, digital, and green energy networks.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The agreement focuses on trade facilitation, port innovation, and energy transition initiatives <\/strong>and proposes forming an \u201cIMEC ports club\u201d to strengthen coordination among ports along the corridor. Marseille Fos adds around 70 mn tons of capacity to the network and could become an integral connectivity point for the IMEC. <\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">YOU\u2019RE READING EnterpriseAM MENA <> India, your C-suite briefing on the movement of trade, investment, people, and ideas along one of the world\u2019s most exciting corridors. Every Monday, Wednesday, and Friday at 2:30 pm UAE, we dive deep into the business, finance, economy, and policy headlines and trendlines that will move markets and set the tone for your day. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Were you forwarded this briefing? <\/strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/mena-india\/newsletters\/\" style=\"\">Tap or click here to sign up without charge for your own<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/mena-india\/newsletters\/\" style=\"\">copy.<\/a> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">***<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> The big story abroad<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Netflix-Paramount-Warner Bros saga is making waves once again<\/strong>, after Warner Bros Discovery <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/251fec8a-b4ea-44e7-abd2-e471f268e3a8\" style=\"\">gave<\/a> Paramount a seven-day window to propose its final bid, giving the suitor one last chance to counter rival Netflix\u2019s offer. This came after Warner Bros rejected Paramount\u2019s USD 30-per-share offer, but gave it a chance to put in its \u201cbest and final\u201d offer. Investors have hinted that they will accept no less than 33 a share to consider a competing offer to Netflix\u2019s current bid.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Social media giant Meta <\/strong><strong><a target=\"_blank\" href=\"https:\/\/about.fb.com\/news\/2026\/02\/meta-nvidia-announce-long-term-infrastructure-partnership\/\" style=\"\">will buy<\/a><\/strong><strong> mns of Nvidia chips<\/strong>, under a multiyear agreement worth tens of bns of USD. The move potentially gives the chipmaker a leg up in maintaining its dominance as it faces intense competition from AMD and even from its own pool of Big Tech clients. Meta framed the move as an infrastructure agreement, whereby it will use the hardware for its AI-optimized data centers.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ALSO- <\/strong>A few software companies <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-02-17\/private-software-companies-open-their-books-early-to-calm-nerves?srnd=homepage-middle-east\" style=\"\">released their latest earnings early<\/a> to quell the recent equity selloff prompted by fears over AI overtaking the tech sector. Speaking of the selloff, it showed signs of abating with the S&P 500 information technology sector <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/sustainability\/sustainable-finance-reporting\/us-stock-futures-slip-persistent-ai-disruption-fears-2026-02-17\/\" style=\"\">rebounding from previous losses<\/a>, closing in the green yesterday. The upswing was bolstered by gains in Apple and Nvidia stocks.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> Circle your calendar<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays, and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: India excludes gold in GCC FTA talks<\/p>\n","protected":false},"author":1,"featured_media":87523,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2403],"tags":[2402,2614,2504,2654,2659,2847,2434,2929,2441,2401],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87522","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam-india","tag-fta","tag-gcc","tag-gold","tag-india-gcc-corridor","tag-logistics","tag-ports","tag-refinery","tag-trade","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"489a2667-0b1c-4da3-a178-5ac608333b51","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2026\/2\/1191.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Ratnagiri refinery hits setback as Gulf backers reassess participation","related_issue":[87520],"teaser":"Plus: India excludes gold in GCC FTA talks"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS AFTERNOON: Ratnagiri refinery hits setback as Gulf backers reassess participation - MENA India Corridors<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/mena-india\/2026\/02\/18\/this-afternoon-ratnagiri-refinery-hits-setback-as-gulf-backers-reassess-participation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS AFTERNOON: Ratnagiri refinery hits setback as Gulf backers reassess participation\" \/>\n<meta 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