Aramco Seeks Talks On Indian Refinery, Part Of Asian Downstream Push

No sooner has the ink dried on a giant Indian refining JV deal than Aramco requests 'exclusive' talks to join the project. As with all of the Saudi state giant's overseas refining ventures, securing crude sales is central.

Indian state petroleum firms IOC, HPCL and BPCL on 14 June signed a joint venture agreement to develop a giant refining complex at Ratnagiri on India’s Arabian Sea coast. The following day Indian Petroleum Minister Dharmendra Pradhan told reporters that Saudi Aramco is seeking ‘exclusive talks’ to buy a stake in the project, according to Reuters.

Last month Mr Pradhan said Aramco’s proposed investment in the Ratnagiri project could be linked to a purchase by the Indian government of a shareholding in the Saudi state firm, which is being lined up for a 2018 flotation of 5% of its equity. Aramco plans to offer major oil customers including China and India the role of ‘cornerstone investors’ in the IPO (MEES, 26 May). (CONTINUED - 684 WORDS)

DATA INSIDE THIS ARTICLE

table Saudi Aramco Overseas Refineries
chart Aramco Net Refining By Country (‘000 B/D)