The oil company Saudi Aramco took first steps to expand the largest United States refinery, operated by its subsidiary Motiva Enterprises. Aramco will not stop discussing other opportunities because we see India as a priority destination for our investment and energy supplies.
Worlds biggest oil exporter Saudi Arabia today said it will not sit by and let another supply glut surface that will dry up investments but also does not want rates to rise to "unreasonable levels".
Asked if Saudi Aramco would look at oil retailing business here, he said "we are very much interested in retail, as we are into the business of providing fuel and energy and petrochemical products all the way to the consumers".
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The project would bring huge benefits to the region, the State of Maharashtra and the entire country in terms of large-scale employment generation, direct and indirect, as well as all-round economic development of the region.
While investment details are not yet clear, the deal once completed will compete with Russian major Rosneft's $10-billion acquisition of Essar group's refinery and BP's $7 billion deal for stake in Reliance Industries Ltd's upstream assets for the biggest foreign investment slot in Indian oil sector.
India-the world's third largest oil consumer-has been pushing for reasonable crude oil pricing from The Kingdom.
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The prince, widely known as MBS, is also expected to meet some French ministers, a source close to his delegation told AFP. Macron hosted a gala send-off dinner for the crown prince at the Elysee Palace.
A preliminary agreement will be announced on Wednesday during a visit by Saudi oil minister Khalid al-Falih and Aramco CEO Amin Nasser's to New Delhi, two separate sources told Reuters on condition of anonymity. "We will only list when the market is right", he said.
Saudi Arabia, which counted on crude for more than 90 percent of its public revenues, has struggled to bounce back from a 2014 global oil market crash triggered by an output surplus. Saudi's petrochemical company SABIC is also keen to invest in a cracker and other facilities in India, he said. Aramco said it may also seek to include a strategic partner to co-invest.
India outlined plans in February to expand its refining capacity by 77% to about 8.8-million bpd by 2030.
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It's likely to continue to surrender market share to rivals in China, and if Sinopec has no difficulty obtaining alternative supplies it undermines any narrative that oil markets are tight and prices should rise further. Thereafter, the refinery was set up by HPCL in joint venture with steel baron Lakshmi N Mittal.