Saudi investment in two Indian refineries
reports Mehr News Agency Oil is in the world, it wants to become a global oil refinery hub; Because Western companies are reducing the capacity of crude oil refining to move toward cleaner fuels. Aramco , the world’s largest oil exporter, is also looking for a stable sales market for its crude oil in this market.
, however, Saudi Arabia’s share of Indian oil imports has declined, as refineries that have invested billions of dollars to upgrade their facilities diversify crude oil supplies and use cheaper alternatives including Russian oil.
According to informed sources, Aramco is in separate negotiations for investing in the planned refinery South Petroleum. Style = “Text-align: Justify”> Andra Pradesh and a proposed refinery of Indian Oil and Natural Gas Company (Oongc) in the western state of Gajrat. Both Indian companies are under government control.
While Oongc Gajrat Refinery Plans are in the starting stage, the head of Spring Petrolium said in December that it plans to plan $ 5 billion in the Petroleum and Petroleum Project. Style = “Text-Align: Justify”> Andra Invest.
The two refinery sources separately said that these projects will continue regardless of investment Aramco . One of them said: Everything depends on the suggestion that makes Aramco .
Informed sources said Aramco proposes three times its share of its share in each project and wants to sell or export or export its share of production, or in India.
“We want flexibility in buying oil, if we give them 2 % of the stock, they want to supply 5 % crude oil capacity, which is not possible,” said the second refinery source.
other details, including potential investment and planned refineries, are not currently available.
An informed third source stated: Narendra Modi will travel to Saudi Arabia in the second quarter and two countries Travel, to agree.
Aramco has long sought to improve refinery opportunities in India. The company joined the Indian Consortium in 2007 to build a petrochemical and petrochemical project with a capacity of 1.5 million barrels per day in West India, and in year 2, the non-binding to buy 5 % of “Span Style = “Text-align: Justify”> Religion Industries “signed. However, the huge refinery project was postponed due to problems with land preparation and the deal with Religion was canceled due to differences in valuation.
Reuters report, Hardip Singh Puri Indian Oil Minister said in January that India is looking to set up three refineries with a capacity of 4,000 barrels per day.
