Saudi Aramco mulling proposal to buy stakes in Indian oil projects

Saudi Aramco is studying proposals to buy stakes in Indian oil refining and petrochemical projects, Reuters reported on Monday, citing India's Oil minister Dharmendra Pradhan.

Pradhan met with Saudi Aramco chairman Khalid al-Falih earlier this month to discuss Saudi investment in a planned 1.2 million barrel per day (bpd) refinery on India's west coast, Bina refinery expansion and a petrochemical plant at Dahej, he said today.

“All the three we have offered to Saudi. The two sides will decide on the proposals in a time bound manner,” Pradhan told Reuters, meaning there are deadlines for reaching investment decisions.

India, the world's third-largest oil consumer, imports nearly 80 percent of its crude needs, mostly from Middle East nations. In Q1, Saudi Arabia was India's biggest supplier of oil, exporting about 889,000 bpd to the country, or about 21 percent of the total imports, according to Reuters.