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Saudi Aramco defends hold on coveted Indian oil market with Reliance tie-up

Aramco's plan to buy 20% of the oil-to-chemicals business of Reliance comes with an assurance to buy half a million barrels a day of the kingdom's crude on a long-term basis

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Saudi Aramco

Debjit Chakraborty and Saket Sundria | Bloomberg

3 min read Last Updated : Aug 15 2019 | 6:16 PM IST

Saudi Aramco’s proposed purchase of part of Reliance Industries Ltd will allow it to regain its grip on the world’s fastest-growing oil market where suppliers including the US and Russia are making inroads.

Aramco’s plan to buy 20% of the oil-to-chemicals business of Reliance -- which includes the world’s biggest refining complex at Jamnagar on India’s west coast -- comes with an assurance to buy half a million barrels a day of the kingdom’s crude on a long-term basis. That’s around 25 million tonnes a year and will allow Saudi Arabia to easily reclaim the top supplier spot from Iraq.

Topics : oil Crude Oil Reliance Reliance Industries Saudi Aramco RIL refinery

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