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Saudi Aramco in talks with Indian Reliance for joint investment in petrochemical, refinery projects
21 February 2019 , 14:07Neftegaz.RU460
New Delhi, February 21 - Neftegaz.RU. Saudi Aramco said it is in talks with Reliance Industries and other Indian companies for investing in petrochemicals and refinery projects in the country, The Indian Express reported.
Saudi Aramco CEO Amin Al-Nasser said he remains positive on the firm’s investment in India, and is working with partners. The company, which along with its partner UAE’s ADNOC has taken a 50 % stake in a planned $44-billion mega refinery-cum-petrochemical complex in Maharashtra by state-owned oil companies, has bullish outlook on India’s energy demand; and is keen on investing here.
India is an investment priority for Saudi Aramco, Al-Nasser said. «There is a lot of growth potential. We are looking at additional investments in India. We are in discussions with other companies as well, including Reliance Industries.»
«It shows growth in India. 8,00,000 barrels are exported by Saudi Aramco to India. We are very happy with the demand growth we are seeing from India,» Saudi Aramco CEO added.
Saudi Aramco is also keen on retailing fuel in India. A refinery in India can also be a base for it to export fuel to deficit countries in Europe and the Americas. India has a refining capacity of 247.6 million tonnes, which exceeded the demand of 206.2 million tonnes.
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