• 2 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 7 minutes Sources confirm Trump to sign two new Executive orders.
  • 6 mins COVID is real now
  • 3 hours Is the oil & gas industry on the way out?
  • 19 hours In a Nutshell...
  • 19 hours Australian renewables zone attracts 27 GW of solar, wind, battery proposals
  • 24 hours Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 3 hours The Boris Yeltsin of America
  • 3 days Where is Alberta, Canada headed?
  • 1 hour Why Oil could hit $100
  • 3 days Putin Paid Militants to Kill US Troops
  • 3 days No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 3 days During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 3 days The Coal Industry May Never Recover From The Pandemic
  • 4 days A Real Reality Check on "Green Hydrogen"
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Saudi Arabia To Invest $100 Billion In India’s Energy Sector

Saudi Arabia will invest US$100 billion in India’s infrastructure and energy industry as it seeks to strengthen its position in the country that is registering the fastest growth in oil demand.

"We want Saudi Aramco to be a household name in India," Energy Minister Khalid al-Falih said as quoted by S&P Global Platts, adding that India was the number-one priority for the Kingdom’s oil giant.

Saudi Arabia has already committed hefty investments in India, the biggest among them the US$44-billion refinery and petrochemical complex in Ratnagiri, which will be the largest in the country, with a capacity of 60 million tons annually. Aramco is participating in the project together with Emirati Adnoc, sharing a 50-percent stake in the project. The other 50 percent are divided between three Indian refiners: Indian Oil Corp., Hindustan Petroleum Corp., and Bharat Petroleum Corp.

The project is behind schedule, however, because the partners behind it had to pick a new location after strong opposition from farmers in the original one. Because of the delay, construction work will begin in 2021 and the facility should be operational by 2025, the chief executive of the company set up for the project told Bloomberg this week.

"We are not limited to that investment, which is the mega refinery," Aramco’s chief executive Amin Nasser told S&P Global Platts. “We are looking at other opportunities. India is an investment priority for Saudi Aramco. There is a lot of growth potential. We are in discussions with other companies as well, including Reliance Industries." 

India is a focal point for oil producers. Last year, its demand for the commodity went up by 245,000 bpd, accounting for 14 percent of global oil demand growth. This year, according to Wood Mackenzie, growth will continue strong. Over the longer term, according to OPEC estimates, oil demand in India will rise by 5.8 million bpd until 2040.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News