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PM Narendra Modi says Saudi Arabia to invest in Indian downstream projects

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Hydrocarbon Engineering,


As reported by Reuters, Prime Minister Narendra Modi said on Tuesday Saudi Arabia will invest in downstream oil and gas projects in India as part of a strategic partnership between the two countries, a move that would also help the world’s top oil exporter find a stable outlet for its crude.

Modi, who is on a two-day visit to Riyadh to participate in an investor summit, will meet King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman later today.

“From a purely buyer-seller relationship, we are now moving toward a closer strategic partnership that will include Saudi investments in downstream oil and gas projects,” Modi said in an interview to Arab News, according to a statement released by his office.

Saudi Aramco along with UAE’s national oil company ADNOC has signed a preliminary deal with Indian state-run companies for a 50% stake in a planned 1.2 million bpd mega refinery on the country’s west coast.

The Indian government also plans to sell its entire 53.29% stake in state-run refinery Bharat Petroleum Corp, at an estimated price of US$10 billion.

Aramco is also eyeing a 20% stake in the petrochemical and refining business of Reliance Industries in a multibillion-dollar deal.

During Modi’s visit India will sign energy deals with Saudi Arabia including its participation in India’s strategic petroleum reserve.

Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/29102019/pm-narendra-modi-says-saudi-arabia-to-invest-in-indian-downstream-projects/

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