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Saudi Aramco, RIL in talks for India projects

  •   Thu, Feb 21 2019 08:41:25 AM

New Delhi, Feb 21 (IANS): Saudi Aramco, national petroleum and natural gas company of Saudi Arabia, said on Wednesday it was looking to expand footprint in India and was discussing partnerships with Indian companies, including Reliance Industries Ltd (RIL).

"There is a lot of growth potential and we are looking at additional investments in India. We are in discussions with other companies as well, including Reliance Industries Ltd," he said.

Aramco has signed an agreement to implement a $44 billion refinery project in Maharashtra through the Ratnagiri Refinery and Petrochemicals Ltd (RRPCL). The RRPCL is a joint venture of an Indian consortium of state-run oil marketing companies -- Indian Oil, Hindustan Petroleum and Bharat Petroleum -- and Aramco and the Abu Dhabi National Oil Company (ADNOC) as its overseas strategic partners.

"We are looking not only at the refinery project, but also other opportunities," Aramco Chief Executive Amin Al-Nasser said briefing reporters on the sidelines of the Saudi-India Forum, organised by the Saudi General Investment Authority in partnership with the Confederation of Indian Industry (CII).

The forum was organised as part of the events related to Saudi Crown Prince Mohammed bin Salman's official visit to India.

Last month, the Aramco CEO had a meeting with RIL Chairman Mukesh Ambani who had earlier met Saudi Energy Minister Khalid Al-Falih during the latter's visit to India in December 2018.

Following the meeting with Ambani, Al-Falih who also participated in the forum here on Wednesday tweeted: "We discussed opportunities for joint investments and cooperation in petrochemical, refining and communications projects."

At the Saudi-India Forum, Indian companies, including Tata Consultancy Services, Wipro and Glenmark, signed 15 agreements to invest in Saudi Arabia.

The Saudi General Investment Authority said in a statement the memorandums of understanding (MoUs) signed range across strategic sectors, including energy and water, technology, arts and entertainment, healthcare, trade and investment, and include four new licences worth over $28 million granted to Indian companies.
  

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Comment on this article

  • Max and Jessie Rasquinha, Mangalore, Houston/Dallas, Texas, U.S.A.

    Thu, Feb 21 2019

    The relations between the Indians and the Saudis is unique and long lasting. As much as the Indians wholeheartedly recognize Saudi Arabia as the custodians of the Holy sites of the Moslem world, the Saudis have always admired and appreciated the secular values of India, and have always appreciated the way we handle the delicate situations with utmost care.

    The Ambani family as well as the Saudi Royal family have lot in common. They can consult with each other and help one another in so many ways relating to not only Oil and Gas activity but also on Water, Solar, Agriculture as well as Tourism and Transportation.


    India's relations with Saudi Aramco is strong and historical from the time the Americans landed in Saudi Arabia in search of Oil. All the Americans travelled to Saudi Arabia in those years via Bombay and Bahrain where the British were strongly embedded as a British colony. Indians have penetrated in the Saudi desert as Butlers, Waiters, Gardeners, Carpenters, Painters, Electricians, Clerks, Accountants, Engineers, Nurses, Doctors and in many other capacities and served the Saudis with honesty and integrity. The Saudis have always placed a great deal of trust on the Indian work force because of our consistency and straightforwardness in doing our assignments well to their satisfaction.


    We are proud to learn that the Reliance Group have a desire to associate with Saudi Aramco, and we wish them best of success in all their plans and programs. This is a nice fit that will help both India and Saudi Arabia. Qudha Afez and a sincere Assalam Aleqhum.

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