India will join the list of Asian nations where Saudi oil giant Aramco, the world’s largest crude exporter with crude reserves of about 265 billion barrels, plans to make major investments.
Indian Prime Minister Narendra Modi wrapped up a visit to Saudi Arabia on Sunday.
Head of Aramco Khalid A Al Falih met Modi in Riyadh.
“Minister Al Falih to PM: Aramco looks to India as its No 1 target for investmen,” India’s Foreign Ministry spokesperson Vikas Swarup tweeted.
— Vikas Swarup (@MEAIndia) April 3, 2016
Saudi Aramco has earlier announced plans to build new plants in energy-hungry Asia including China, Indonesia, Malaysia and Vietnam.
The Dhahran-based Aramco is planning to expanding its refining capacity to find new outlets for Saudi crude oil. The company currently has a refining capacity of around 5.4 million barrels a day.
Aramco is Saudi Arabia’s national oil company with crude reserves of about 265 billion barrels which is over 15 per cent of all global oil deposits.
Energy-powerhouse Saudi Arabia is India’s largest crude oil supplier, accounting for about one-fifth of total imports.
India is specifically looking at Saudi investment in “high temperature deep sea off shore exploration” and has opened up the sector for FDI.
In neighbouring China, Aramco already owns a stake in a refinery in Fujian province.
It is in talks with another partner, China National Petroleum Corp., to build a new joint-venture refinery in China.
TBP and Agencies