You are here: Home » Economy & Policy » News
Business Standard

Saudi Aramco seeks exclusive talks over India oil refinery stake: Pradhan

To buy a stake in the planned 1.2 mn bpd refinery on the South Asian nation's west coast

Reuters  |  New Delhi 

Dharmendra Pradhan
Dharmendra Pradhan

Oil giant wants to enter into exclusive talks with India to buy a stake in the planned 1.2 million barrels per day (bpd) refinery on the South Asian nation's west coast, India's oil minister said on Wednesday.

The proposed talks come as Saudi Arabia seeks to secure customers for its oil amidst a global supply glut.

With the 1.2 million bpd refinery, the world's largest, India wants to have a greater say in the global fuel trade, Oil Minister told reporters in New Delhi.

The country's top refiner will initially hold a 50% stake in the project, while Hindustan Petroleum Corp and Bharat Petroleum Corp will own 25% each.

RECOMMENDED FOR YOU