India has invited Saudi Arabia to spare some investment in its strategic oil storage even it looks to reconstruct a 3.08 lakh crore refinery project with the world’s largest producer.
The Oil Ministry in a statement said, “The (two) ministers reviewed various Saudi investment proposals in the Indian oil and gas sector, including the urgent steps to be taken to expedite the implementation of the first joint venture West Coast Refinery and Petrochemical Project in Maharashtra, estimated to cost USD 44 billion, which will be the largest greenfield refinery in the world.”
The official statement informed, “Saudi Arabia‘s participation in Indian Strategic Petroleum Reserve (SPR) program was also discussed.”
Oil ministry also added, “Both the ministers agreed to take concrete steps for early implementation of the decisions taken in the oil and gas sector during the visit of His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud to India last month,”
It also said the visit reflects the intensifying engagement between the two countries in the hydrocarbon sector.
Saudi Arabia is the second largest supplier of crude and LPG to India. In 2017-18, India’s crude oil imports from Saudi Arabia were 36.8 MT, accounting for 16.7 per cent of its total imports.