• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 1 hour Sources confirm Trump to sign two new Executive orders.
  • 15 hours CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 2 hours No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 9 hours In a Nutshell...
  • 1 hour Sometimes I Think Trump Supporters on This Forum Are Russians
  • 15 hours A Real Reality Check on "Green Hydrogen"
  • 36 mins Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 4 hours 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 ?
  • 1 day Why Wind is pitiful for most regions on earth
  • 1 day Why Oil could hit $100
  • 24 mins Putin Paid Militants to Kill US Troops
  • 6 hours Where is Alberta, Canada headed?
  • 3 days Coronavirus hype biggest political hoax in history
Moscow Backs Russia's Fastest Moving Energy Company

Moscow Backs Russia's Fastest Moving Energy Company

The strategic importance of Novatek’s…

Saudi Aramco Looks To Invest More In India’s Oil Refining Market

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

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

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