SAudi Aramco is planning to invest in India most prominent refining industry Reliance.
Saudi Prince Mohammed bin Salman and other officials who came to New Delhi announced that India is kept on the top priority of world’s most excellent crude oil producer.
The Chief Executive of the refinery B. Ashok said the government would soon search and handover 15000 acre of coastal land that the project requires.
The CEO of Saudi Aramco said that one among the most profitable company of the world namely Saudi Aramco is planning to invest in India most prominent refining industry Reliance as well as other companies for refineries and petrochemical products.
Saudi Prince Mohammed bin Salman and other officials who came to New Delhi announced that India is kept on the top priority of world’s most excellent Crude Oil producer and investment over such projects was around $44 billion refineries are set up by Aramco and India’s PSU oil company in Maharastra.
Aramco did not specify much about the project however Saudi energy Minister Khalid al-Falih claimed that the country is hungry enough to do business with India.
The main intention of Saudi Arabia in India is a plan to raise its share in Asia’s crude oil market and invest in refining and petrochemicals ignorer to lessen its economic dependency on sales of crude oil.
Earlier Aramco had invested in refinery and petrochemical project of South Korea who was a large consumer of energy and spent billions of dollars.
Aramco has also invested $7 billion with Malaysia’s Petronas in a joint venture to buy half of the crude oil from Saudi Arabia.
Khalid said India was the top priority for Riyadh. The national oil company Aramco and Saudi Arabian Basic Industries Corp (SABIC) hunting for opportunities to work with India.
The Maharastra government decided to relocate the refinery after a lot of protests over land acquisition. The Chief Executive of the refinery B.Ashok said the government would soon search and handover 15000 acre of coastal land that the project requires.
