Saudi Aramco looking at mega investment in India

The world's biggest oil company is determined to expand its business portfolio in India.

Saudi Arabian Oil Co., popularly known as Saudi Aramco, is reportedly looking at mega investment in India. As India’s oil consumption is expected to grow from 4.6 million barrels per day to 10 million barrels per day by 2040, Saudi Arabia’s state-owned oil giant is mulling establishing a fully integrated business in India.

The company has plans to join hands with Indian companies, including in a planned large refinery project on India’s west coast, Bloomberg quoted CEO Amin Nasser as saying. He was speaking at CERAWeek petroleum summit in New Delhi on Monday.

“India has all the signs of a prosperous economy that is on the move. This is a market of investment priority and not a choice anymore,” Nasser added. “We have a number of partners with whom we are going to have serious discussions.”

Aramco’s plans for the world’s fastest growing oil market would cover oil supply, refining, marketing, renewables as well as manufacturing petrochemicals and lubricants, Nasser quipped.

Source: Bloomberg

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