India, Saudi Arabia moving from buyer-seller relationship towards closer strategic ties: PM Modi

India and Saudi Arabia are moving from a purely buyer-seller relationship towards a closer strategic partnership that will include the resource-rich Kingdom’s investments in downstream oil and gas projects in the country, Prime Minister Narendra Modi has said. Saudi Arabia is its second-biggest supplier after Iraq. It sold 40.33 million tonnes of crude oil to […]

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India approves Saudi Aramco-SABIC mega Deal

The mega deal in which Saudi Aramco is buying 70 per cent in Saudi chemicals giant SABIC cleared another hurdle last week after India’s competition authority approved the transaction that needs clearance in India because both Saudi companies are operating in the country. The Competition Commission of India (CCI) said on Friday that it approves the acquisition of 70 […]

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India mulls selling Bharat Petroleum Corporation Limited

India is planning to sell the government’s majority stake in Bharat Petroleum Corporation (BPCL), the country’s second-largest state-owned refiner, to an international oil company, Bloomberg reported last week. As India is currently assessing ways to give up direct majority control in BPCL, it is willing to attract international oil companies to its refining and fuel retail market […]

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Drone attack on Saudi Oil facilities to hit India’s fuel import bill – report

The strikes on key Saudi oil facilities will hit India’s oil import bill and the Indian Rupee will be the immediate casualty, Singapore’s DBS Banking Group said. The coordinated strikes on Saturday, targeting Abqaiq, the site of the largest oil processing plant run by the Saudi state oil company, Aramco, and the Khurais oilfield led […]

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India looking at cutting west coast refinery capacity as cost escalates to $60 billion

India is looking at cutting capacity at its biggest oil refinery to match lower fuel demand projections and contain costs which jumped to $ 60 billion due to meeting stringent environment norms and relocation of the plant, top officials said. State-owned Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd […]

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