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.