World’s largest oil exporter seeking investment opportunities in Reliance

New Delhi: Saudi Aramco is in talks with Reliance Industries Ltd and other Indian companies for possible investments in petrochemicals and other refinery projects, Chief Executive Officer Amin Nasser said. Earlier the world's largest oil exporter had signed a deal with a consortium of state-run refiners in the country in April 2018 to get involved in a US$ 44 billion refinery project on the west coast.

"We are looking at additional investment in India so we are in discussions with other companies as well, including Reliance and others,"

"We are looking at additional investment in India so we are in discussions with other companies as well, including Reliance and others," Nasser said. The west coast project would process 1.2 million BPD of crude and generate 18 million tonnes per year of petrochemicals. "We are looking at it. We are not limited to that investment which is the mega refinery," Nasser said. Nasser is part of the entourage travelling with Saudi Arabia's Crown Prince Mohammed bin Salman, who is in India for a one-day visit.

India a priority

With Saudi Arabia keen to expand further into oil refining and petrochemicals, India would provide a fast growing market for oil and fuels. "India is an investment priority for Saudi Aramco. India takes from us almost 800,000 barrels a day and by 2040 India's total consumption will be around 8.2 million barrels per day," Nasser said.

With a demand of 4.7 million bpd, India is the third largest crude oil consumer in the world, government figures say.

Aramco already facing project delays

The refinery project, planned for Maharashtra is facing delays already as thousands of farmers have refused to surrender land for it.