Executives from Saudi Aramco are talking about investments with Indian enterprises

Executives from Saudi Aramco are talking about investments with Indian enterprises

Executives from Saudi Aramco are talking about investments with Indian enterprises

Faisal Faqir, senior vice president of liquids-to-chemicals innovation (downstream) at Saudi Aramco, said to attendees at the India Energy Week in Goa, "Hopefully we will see a couple of announcements on investments in Indian companies soon," without providing any details. "

Saudi Aramco talks with Indian businesses on investments: A top official said on Wednesday that Saudi Aramco, the state-owned oil corporation, is in talks to invest with Indian businesses.

Faisal Faqir, senior vice president of liquids-to-chemicals advancement (downstream) at Saudi Aramco, said to attendees at the India Energy Week in Goa, "Hopefully we will see certain notifications on investments in Indian companies soon," without providing any details. "

The biggest oil exporter in the world and the head of OPEC is increasing its investments in petrochemicals and refining across Asia in an effort to find new markets for its petroleum, with the rise of chemicals at the core of its downstream expansion plan.

In order to establish a 1.2 million barrel-per-day (bpd) onshore refinery and petrochemical facility in western Maharashtra, Saudi Aramco as well as Dhabi National Oil Company (ADNOC) partnered with a group of Indian state-run businesses in 2018. However, this There were land issues with the project. acquisition-related difficulties.

After decreasing production in accordance with a pact with OPEC and its allies last year, Saudi Arabia is now producing roughly 9 million barrels per day, much less than its potential of 12 million barrels per day.

According to Reuters last year, in an effort to fortify its relationship with its main oil supplier, Saudi Arabia's Aramco was invited to participate in the country's proposed Strategic Petroleum Reserve (SPR) program. India is the world's third-largest importer and user of oil. Consider.