Will it benefit India..?
Saudi Aramco, Saudi Arabia’s national oil company, plans to increase its investments in India. In particular, it plans to invest in the oil supply chain and Indian oil companies in India.
According to Mohammed Oy alQahtani, senior vice president of Saudi Aramco, the world’s largest oil producer, India’s mission is to invest broadly across India.
He also indicated that he wanted to work with several Indian companies.
Alliance with Reliance
Saudi Aramco has already started investing in India and plans to expand not only its petroleum business but also its chemical business. In particular, it has partnered with Reliance Industries, which is controlled by Mukesh Ambani.
India is the largest importer
Saudi Aramco is proud to play a key role in feeding India. India is currently the 3rd largest importer in the world. India called on Saudi Aramco and OPEC to increase oil production. India imports about 40% of India’s international GDP. That is why India’s role in the international oil market is important.
Meeting with oil companies
Last Wednesday, Prime Minister Modi said in a virtual meeting with key executives of global oil companies, Amin Nasser, chairman and CEO of Saudi Aramco, that he may have asked them to increase production and supply.
Integrated company
Through SABIC, a subsidiary of Saudi Aramco, it aims to become one of the leading chemical traders on an international scale. This is our goal. Kahdani said the supply of crude oil, refined products, chemicals, including I Metallic, should all be integrated.
Resistance at factory
Saudi Aramco and the Indian government have agreed to set up the world’s largest oil refinery and petrochemical complex in Ratnagiri. But the opposition to the political party’s plan has failed.
Investment Enhancement Plan
However, we are seeking to accelerate petroleum refining and petrochemical production, as well as investments in integrated production facilities. “We want to invest, especially in big markets like India,” said Kahdani.
India target
India plans to increase its refining capacity to 400 million tons per year by 2025. It currently stands at 249.36 MTPA. Amid the controversy, the central government is currently considering plans to set up small-scale refineries in Maharashtra, rather than set up oil and petrochemical refineries worth rupees 3 trillion in one place.
Study in many places
We learn that these small scale factories are studied in different states like Gujarat and Karnataka. It is worth noting that it is explored in many places including Maharashtra and Andhra Pradesh. This includes the Ratnagiri project.
Grand Alliance
RRPCL is a joint venture between Saudi Aramco and Abu Dhabi National Oil, three Indian companies including Indian Oil Corporation Limited, Hindustan Petroleum Corporation Limited and Bharat Petroleum Corporation. Saudi Aramco and Abu Dhabi National together represent 50% and Indian companies 50%.
Miscellaneous
All in all, it would be a good thing if something good were to happen to India through this great alliance. In addition, TCS has provided a number of services to companies such as Wipro. In addition, 10 projects worth $3.5 billion were awarded to Indian infrastructure projects. Including the provision of various services with the petroleum sector.
