Saudi Arabia to invest in India’s downstream oil and gas projects

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Indian Prime Minister Narendra Modi on Tuesday said 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 on Tuesday.


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

Saudi Aramco – along with Abu Dhabi National Oil Company, of the United Arab Emirates – has signed a preliminary deal with Indian state-run companies for a 50 percent stake in a planned 1.2 million barrels per day (bpd) mega refinery on India’s west coast.

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

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

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

SOURCE: Reuters news agency

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