Saudi Aramco Looks To Invest More In India’s Oil Refining Market
India is an investment priority for Saudi Aramco, the CEO of the Saudi oil giant Amin Nasser said on Wednesday in New Delhi, noting that Aramco is in talks with India's biggest refining & petrochemicals organization Reliance Industries for potential investments and is looking at different opportunities as well.
"We are looking at additional investment in India so we are in discussions with different organizations too, including Reliance and others," Mr Nasser said in a board discussion in New Delhi.
He further added,"looking at it. We are not constrained to that investment which is the mega refinery," indexing to the project, which would process 1.2 million bpd of crude oil and produce 18 million tonnes of petrochemicals for each year.
Saudi Arabia's Crown Prince Mohammed bin Salman, is on a one day visit & Amin Nassar is a piece of that convoy.
Reliance Industries led by Mukesh Ambani, is India's greatest refining and petrochemicals organization and produces around 1.4 million barrels for every day (bpd) by refinery in Jamnagar, Gujarat. The Indian organization is planning to grow its production to 2 million barrel for every day by 2030.
India is the third biggest importer of crude oil, and is a major market for many Saudi organizations. "India is an investment priority for Saudi Aramco. India takes from us just about 800,000 barrels every day and by 2040 India's total consumption will be around 8.2 million barrels for each day," Mr Nasser said.
Reportedly Aramco is now confronting facing hurdles in its projects in Maharashtra because of dissent by agriculturists who have would not surrender their lands.
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