Saudi Aramco to invest in Indian energy sector: CEO

NEW DELHI: State-owned energy firm Saudi Arabian Oil Co. (Saudi Aramco) is exploring opportunities for investments and joint ventures in India, including in the 60 million tonne refinery that Indian state-run firms are setting up, president and CEO Amin Nasser said on Monday.

Nasser’s confirmation of intent to invest in the Indian energy sector comes after Prime Minister Narendra Modi held a meeting of global energy industry executives earlier in the day in which oil minister Dharmendra Pradhan, NITI Aayog vice-chairman Rajiv Kumar, and other senior officials were present.

Nasser said at a conference here that the firm would hold discussions with Indian businesses for partnerships as demand for fuel was robust in India and its petrochemicals industry was booming. “India has all the signs of a prosperous economy. I am very optimistic about our investments in India. Investing in India is a priority, not a choice any more.”

Later, he said at the sidelines of the conference that the company’s investment interest included the 60 million tonnes refinery that Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp are setting up in Maharashtra, expected to be the world’s largest.

The three Indian state-run firms already have signed an agreement to create a company that will execute the $35-40 billion project with a provision for inducting one or more strategic investors at a later stage.