Saudi considering stake buy proposals in Indian energy firms – minister

Saudi Aramco is considering proposals to buy stakes in Indian oil refining and petrochemical projects, Reuters news agency quoted India’s Oil minister Dharmendra Pradhan as saying.

Pradhan, who visited Iran earlier this month as part of a three-nation tour, said he had sought Saudi investment in a planned 1.2 million bpd refinery in Maharashtra, the expansion of the Bina refinery and a petrochemical plant at Dahej, he said today.

“All the three we have offered to Saudi. The two sides will decide on the proposals in a time bound manner,” Pradhan told Reuters.

Three Indian state refiners – Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp – plan to build the 1.2-million bpd refinery on the country’s west coast at a cost of more than 1 trillion rupees ($15.02 billion) to meet the country’s growing fuel demand, according to Reuters.

India, which imports almost 80 percent of its crude needs – mostly from the Middle East – is expected to the most important driver of world energy demand with its oil consumption increasing to 10 million barrles/per day from the current 6 million by 2040, the International Energy Agency has forecast




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