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Saudi Aramco to keep 4.6 mn barrels of oil in India's Padur reserve: Govt

So far, Abu Dhabi National Oil Co is the only foreign company storing oil in India's strategic reserves, at Mangalore, also in Karnataka

Saudi Aramco | Aramco | Saudi Arabia

Reuters  |  NEW DELHI 

India will lease a quarter of its strategic petroleum reserve in Padur to Saudi Aramco to store about 4.6 million barrels of oil, a government official said on Wednesday, as New Delhi seeks global investment in its expanding energy infrastructure. Global oil producers are eager to gain a foothold in India, where fuel demand is expected to keep rising as the country's economy grows. Indian Strategic Petroleum Reserves Ltd, a government company charged with building oil storage, signed a memorandum of understanding with the Saudi state firm for its participation in the ...

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First Published: Wed, October 30 2019. 14:31 IST