Saudi to invest in 2 refineries in India; strengthen crude oil, LPG supply

Both nations to collaborate on India's Strategic Petroleum Reserve, expand talks on green hydrogen

India and Saudi Arabia have agreed to collaborate on establishing two refineries in India and work together to enhance the stability of global oil markets, according to a joint statement issued on Wednesday.

 

The two nations also agreed to enhance cooperation in the supply of crude oil and its derivatives, including LPG, according to a statement, which was issued after Prime Minister Narendra Modi on Tuesday cut short his visit to Saudi Arabia following the Pahalgam terror attack.

 

In 2023-24, Saudi crude made up for 14.3 per cent of India's total crude oil imports, while the Kingdom was the third