Updated February 7th, 2024 at 13:08 IST
Saudi Aramco explores investment opportunities with Indian companies: Executive
The world's largest crude oil exporter has been actively bolstering its investments in refining and petrochemical sectors across Asia.
India Energy Week: Saudi Arabia's state-owned oil giant, Saudi Aramco, has initiated investment discussions with companies in India, as confirmed by a senior executive on Wednesday.
Faisal Faqeer, Senior Vice President of Liquids to Chemicals Development in the downstream segment at Saudi Aramco, shared insights during the India Energy Week held in Goa, hinting at imminent announcements regarding investments in Indian firms. However, Faqeer refrained from providing specific details regarding the company's investment plans.
Saudi Aramco, renowned as the world's largest crude oil exporter and a dominant force within OPEC, has been actively bolstering its investments in refining and petrochemical sectors across Asia. This strategic move is aimed at securing new markets for its crude oil, with a particular emphasis on chemicals as a pivotal component of its downstream expansion strategy.
In a noteworthy collaboration in 2018, Saudi Aramco, alongside Dhabi National Oil Company (ADNOC), partnered with a consortium of Indian state-run firms to establish a significant 1.2 million barrels-per-day coastal refinery and petrochemical plant in western Maharashtra. However, the project encountered hurdles primarily related to land acquisition.
Despite these challenges, Saudi Arabia continues to play a crucial role in global oil markets. Currently producing approximately 9 million barrels per day, the kingdom operates well below its existing capacity of around 12 million barrels per day. This reduction in production levels follows an agreement with OPEC and its allies last year to curtail output.
Last year, Reuters reported India's aspiration for Saudi Aramco's participation in its planned Strategic Petroleum Reserve (SPR) program,e.
(With Reuters inputs.)
Published February 7th, 2024 at 13:08 IST