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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