Saudi Aramco in investment discussions with Indian companies, says executive: Report

The world's largest crude oil exporter and OPEC kingpin has been boosting its investments in refining and petrochemicals across Asia to secure new markets for its crude, as it sees growth in chemicals central to its downstream expansion strategy.

Autocar Professional BureauBy Autocar Professional Bureau calendar 07 Feb 2024 Views icon3123 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Saudi Aramco in investment discussions with Indian companies, says executive: Report

State oil giant Saudi Aramco  is in talks with companies to invest in India, a senior executive told Reuters on Wednesday. 

"Hopefully we will see some announcements soon on investment in Indian companies," Faisal Faqeer, senior vice-president, liquids to chemicals development, downstream, at Saudi Aramco, said at the India Energy Week in Goa, without divulging details of the plans, the newswire reported.

Saudi Aramco has been bolstering its investments in the petrochemicals sector pan Asia, to secure new markets for its crude, the newswire reported. The oil firm sees the growth in chemicals as a mainstay of its downstream expansion strategy, the newswire reported. 

In 2018, Saudi Aramco and Dhabi National Oil Company (ADNOC) joined a consortium of Indian state-run firms to set up a 1.2 million barrels-per-day (bpd) coastal refinery and petrochemical plant in western Maharashtra but the project has faced land acquisition hurdles.

Saudi Arabia is pumping around 9 million bpd, well below its roughly 12 million bpd existing capacity after it cut production as part of an agreement with OPEC and its allies last year, the newswire noted. 

Reuters reported last year that India, the world's third largest oil importer and consumer, had wanted Saudi Arabia's Aramco to participate in its planned strategic petroleum reserve(SPR) programme to strengthen ties with its key oil supplier.

RELATED ARTICLES
Renault Group Appoints Duncan Minto as Interim CEO

auther Autocar Professional Bureau calendar15 Jul 2025

Over nearly three decades, Minto has held several key positions across finance, investor relations, and regional leaders...

Indian Racing Festival 2025 Begins with Driver Draft in Mumbai

auther Arunima Pal calendar15 Jul 2025

The 2025 season will begin in August and feature races across multiple cities in India.

Himadri Speciality Chemical to Set Up Wholly Owned Subsidiary in UAE; Appoints New KMP

auther Sarthak Mahajan calendar15 Jul 2025

Board of Directors approves international expansion plan and key management appointment at July 15 meeting.