• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 19 hours Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 4 mins CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 1 hour Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 6 hours NordStream2
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 hours Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 4 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 4 days Modest drop in oil price: SPRs vs US crude inventory build
  • 5 days 2019 - Attack on Saudi Oil Facilities.
  • 10 hours "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 5 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 6 days Ukrainian Maidan after 8 years
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




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News