World's top oil exporter Saudi Aramco is looking at investing in refineries and petrochemical projects in India as it focuses on expanding buyer-seller ties to a strategic partnership, its CEO Amin H Nasser said today.
Aramco is looking at projects like the planned Rs 2.7- lakh crore west coast refinery and just-completed petrochemical project of ONGC for investment.
"I am convinced that the world's fastest growing energy consumer and the world's largest, lowest cost and most reliable oil supplier, must elevate their relationship to a much higher plane," he said at the India Energy Forum here.
Saudi Aramco, he said, is "determined to reflect our expanding and diversifying business portfolio by creating a fully integrated business here in India."
The investments will span the entire value chain - from oil supplies to refining and marketing and petrochemicals.
"By that I mean the entire value chain, covering everything from oil supply, refining, and marketing to manufacturing of petrochemicals and lubes," he said. "I also mean collaboration in energy manufacturing and services, as well as R&D and technology."
Nasser said this would be backed by investment in India's flourishing energy market, joint ventures and by leveraging the country's talent has in IT, petroleum and evolving technologies.
"In the Indian energy sector in general, we are looking at renewables, petrochemicals. We are looking at collaborating. Our colleagues will be visiting soon," he later told reporters.
Saudi Aramco is looking at investment opportunities overseas. "We have certain investments in Korea, the US, China and Japan, we signed one with Petronas. India is an area of huge interest for us because of the market size... there is huge potential for growth," he said.
Petrochemicals, he said, is a sector with a lot of potential in India. "We are seeing expansions in chemicals and capacity in refining in addition to lubes, definitely India is a huge market and we are looking at partnerships with Indian companies."
He said Aramco would have serious discussions with Indian companies on joint ventures and collaborations.
"I'm very optimistic about our plans in India. We are looking at mega investments in India because it's an important market. You are buying about 4.6 million barrels of oil a day, petrochemical industry is booming, industrialisation is picking up because of Make in India campaign," he said.
India, he said, has all the signs of a prosperous economy that is on the move, that will be second to China by 2050. This is a market of investment priority and not a choice anymore.
The country has been on Aramco's radar for long time. "We have expanded our office even though we dont have any investment or joint venture yet but it is area we will be entering. We are working with so many partners now," he said.