Saudi Aramco Eyes Joint Venture Deal In Mega Indian Refinery In West Coast
Saudi Aramco wants to buy a stake in the planned 1.2 million barrels per day refinery in India’s west coast.
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World’s largest oil exporter Saudi Aramco is in talks with Hindustan Petroleum Corporation Ltd., Indian Oil Corporation Ltd., Bharat Petroleum Corporation Ltd. for a joint venture to invest in the West Coast Refinery.
The oil exporter wants to buy a stake in the 1.2 million barrels per day refinery in India’s west coast and has set up an office in India to expand its presence, Oil Minister Dharmendra Pradhan told reporters at India Energy Forum in New Delhi on Monday.
State-owned oil firms IOC, BPCL and HPCL jointly set up the world’s largest refinery and petrochemical complex at Ratnagiri district of Maharashtra at a cost of $40 billion earlier this year. IOC is the lead partner with 50 percent stake while HPCL and BPCL hold 25 percent each.
“We have a number of partners with which we are having discussions. India is an important market and an investment priority,” said Amin H Nasser, CEO of Saudi Aramco. The world’s biggest oil producer is investing in refineries abroad to help lock in demand for its crude and expand its market share ahead of its initial public offering next year.
Aramco plans to float up to 5 percent of its shares in 2018 in what could be the world’s largest IPO, raising as much as $100 billion.
More than 30 companies and experts from the oil and gas sector met Prime Minister Narendra Modi today. Top CEOs and officials from Rosneft, BP, Reliance, Saudi Aramco, Exxon Mobil, Royal Dutch Shell, Vedanta, Wood MacKenzie, IHS Markit, Schlumberger, Halliburton, Xcoal, ONGC, IndianOil, GAIL, Petronet LNG, Oil India, HPCL, Delonex Energy, NIPFP, International Gas Union, the World Bank, and International Energy Agency, were present at the meeting.