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India is an investment priority for Saudi Aramco, the chief executive of the Saudi oil giant Amin Nasser said on Wednesday in New Delhi, noting that Aramco is in talks with India’s biggest refining and petrochemicals company Reliance Industries for potential investments and is looking at other opportunities as well.
Saudi Arabia, OPEC’s largest producer and the world’s top crude oil exporter, is looking to secure off-take deals for its crude in the strategic fast-growing Indian oil market in Asia, and is also heavily investing in the refining and petrochemicals at home and abroad.
“India is an investment priority for Saudi Aramco. India takes from us almost 800,000 barrels a day and by 2040 India’s total consumption will be around 8.2 million barrels per day,” Reuters quoted Aramco’s CEO Nasser as saying at a panel in New Delhi during the one-day visit of Saudi Crown Prince Mohammed bin Salman to India.
India’s current demand is around 4.7 million bpd and the country is the world’s third-largest oil consumer.
In June last year, Saudi Aramco and the Abu Dhabi National Oil Company (ADNOC) signed a framework agreement and a memorandum of understanding with a consortium of Indian national oil companies to join a project for a mega refinery and petrochemical complex in India worth US$44 billion. However, the huge project has faced setbacks because farmers have been unwilling to give up their land for the site of the plant, and earlier this week the Maharashtra state announced that the project would be relocated to another site.
Saudi Aramco is willing to invest in other projects in India, Nasser said on Wednesday, noting that the oil giant is in talks with Indian companies, including Reliance Industries.
“We are looking at it. We are not limited to that investment which is the mega refinery,” Nasser said, referring to the US$44-billion project.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.