Saudi Aramco Eyes Investment in Indian Refineries, Sources Reveal
By Nidhi Verma NEW DELHI (GudangMovies21) – Saudi Aramco is negotiating potential investments in two proposed refineries in India, as the global leader in oil exports seeks a consistent avenue for its crude in what is currently the quickest expanding developing economy worldwide. Multiple Indian sources privy to these discussions have stated this information. India, the world's third-biggest oil consumer and importer, wants to become a global refining hub as Western companies cut crude processing capacity in their shift to cleaner fuels. In the meantime, Saudi Arabia’s portion of India's oil imports has decreased because refineries that have spent billions on improving their facilities are broadening their raw material sources to take advantage of more affordable options, such as those coming from Russia. Separate discussions are underway for Aramco to invest in BPCL’s upcoming refinery project in Andhra Pradesh, located in the south, as well as in an ONGC refine...