• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 6 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 13 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 8 mins Struggle For Supremacy: Kremlin Condemns Alleged U.S. Ultimatum To Turkey Over Missile Deal
  • 5 hours Solar Cheaper than Coal
  • 2 hours Trump bogged down in Mideast quagmire. US spent $Trillions, lost Thousands of lives, and lost goodwill. FOR WHAT? US interests ? WHAT INTEREST ? . . . . China greatest threat next 50 years.
  • 5 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 23 mins Why is Strait of Hormuz the World's Most Important Oil Artery
  • 29 mins Apple Bid To Buy Tesla in 2013 For $240 a Share
  • 15 hours California's Oil Industry Collapses Despite Shale Boom
  • 8 hours Global Warming Making The Rich Richer
  • 7 hours Rural and Conservative: Polish Towns Go 'LGBT free' Ahead Of Bitter European Election Campaign
  • 2 hours Compensation For A Trade War: Argentina’s Financial Crisis Creates An Opportunity For China
  • 11 hours Misunderstanding between USA and Iran the cause of current stand off, I call BS
  • 18 hours IMO2020 To scrub or not to scrub
  • 16 hours Iceland Reducing Gas Stations By Half By 2025
  • 6 hours Crude oil?
The Fear Factor Is Back For Oil

The Fear Factor Is Back For Oil

While fundamentals suggest lower oil…

Saudi Oil Minister Discusses Further Cooperation With World's Largest Refiner

al Falih

Saudi Arabia’s Energy Minister Khalid al-Falih discussed on Sunday opportunities for joint investments and cooperation in petrochemical and refining projects with Mukesh Ambani, the chairman of India’s Reliance Industries—the company owning the world’s largest refining hub.

Saudi Arabia is increasingly looking to secure markets for its crude in the fast-growing Asian markets India and China, and has recently signed deals to take part in refining and petrochemical projects in the top Asian oil and oil products markets.

Reliance Industries’ two refineries in western India have a total crude processing capacity of 1.4 million bpd. The Indian company, majority owned by billionaire Mukesh Ambani, plans to boost its refining capacity by another 600,000 bpd, according to Reuters.

In recent months Saudi Aramco—the state oil giant of OPEC’s biggest producer and exporter Saudi Arabia—has signed several deals to boost its downstream presence in India and China.

In June this 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 the mega project at Ratnagiri in the Maharashtra state on India’s west coast. Saudi Aramco and ADNOC will jointly own 50 percent of the new joint venture company RRPCL, while the other 50 percent will be held by the Indian consortium. The parties agreed to explore a strategic partnership and co-investment in the development of the US$44 billion mega refinery.

By investing in the giant Indian refinery, the national oil companies of leading OPEC producers Saudi Arabia and the UAE would secure off-take for their crude in a strategic fast-growing oil market in Asia.

In October, Saudi Aramco signed a memorandum of understanding with the Zhejiang provincial government in China to buy a stake in Zhejiang Petrochemical’s new refinery project.

“We are exploring opportunities for new refining and petrochemicals facilities, making further investments in China,” Abdulaziz Al Judaimi, Senior VP Downstream, said. Aramco seeks to create major refining, marketing, and petrochemicals joint ventures in leading consuming nations such as China and India, it said.

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