Global oil giant Saudi Aramco eyes new markets for crude in Asia, having conversations related to investment in Indian companies.
Feb 22, 2024
One of the leading petroleum and natural gas companies across the world, Saudi Aramco, has revealed that it was having conversations related to investment in Indian companies.
Faisal Faqeer, senior vice-president, liquids to chemicals development, downstream, at Saudi Aramco, made the announcement at the India Energy Week, held recently in Goa. He said he was hopeful of some announcements soon on investment in Indian companies.
The company is one of the largest global exporters of crude oil, and is also considered as the kingpin of the Organization of the Petroleum Exporting Countries (OPEC).
The state-owned oil giant, which is looking for new markets for crude, is making efforts to broaden its base in Asia by way of investments in refining and petrochemicals across the continent. The company is eyeing growth in chemicals central to its downstream expansion strategy.
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Saudi Aramco and Dhabi National Oil Company (ADNOC), one of the largest offshore oil and gas producers in the UAE, had joined a consortium in 2018 of Indian state-run firms to set up a 1.2 million barrels-per-day (bpd) coastal refinery and petrochemical plant in western Maharashtra. However, the project faced land acquisition challenges.
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.
