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Saudi Arabia is India’s largest crude oil supplier; deliveries hit 1.02mn b/d in December. With the IEA’s latest WEO touting India as the likely key driver of global oil demand growth over the next 30 years, Saudi Aramco says it is looking to build market share there.
And, unlike rival supplier Iraq, Saudi Arabia has enough spare cash to give it the option to develop its own downstream market in India, for which Aramco will guarantee crude oil supplies.
Aramco has added India to the growing list of Asian countries where it plans to invest in refining capacity, Aramco CEO Amin Nasser told reporters at a refining conference in Jubail this week. He said the company is looking to expand its total gross refining capacity from 5.4mn b/d now to 8-10mn b/d long-term.
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