Giant Saudi Aramco is willing to enter the rapidly expanding Indian fuel retail market, a move that will boost competition and help consumers get better quality of services, Indian Oil Minister, Dharmendra Pradhan, said, according to The Economic Times.
With an amount of $13t worth of oil reserves, Saudi Aramco is seeking to expand globally, and looking for potential joint ventures (JVs), and as Reuters reported, India’s fuel markets could be a lucrative prize for the world’s oil majors as they seek outlets for their gasoline and diesel.
Pradhan recently said that India and Saudi Arabia would upgrade their relationship to a strategic level, helping India invest in the exploration and production sector in the world’s top crude oil exporter. He added that the cooperation between the world’s fourth largest oil consumer and the top crude exporter will get the latter to invest in the Indian market, as he said: “They are also interested to get into our domestic market. They are most welcome.”
In mid may, Saudi Aramco has awarded a contract of more than $1b to India’s Larsen & Toubro (L&T) jointly with a Singaporean offshore contractor for the expansion of the Hasbah sour gas field.