Aramco in talks with Reliance for petrochemical project

Saudi Aramco said that it is in talks with Reliance Industries and other Indian companies for investing in petrochemicals and refinery projects in the country.

Petrochemical plant
Source: Google

The Saudi national oil company, which along with its partner UAE’s ADNOC has taken a 50% stake in a planned USD 44bn mega refinery-cum-petrochemical complex in Maharashtra by state-owned oil companies, has bullish outlook on India’s energy demand; and is keen on investing here.

Saudi Aramco CEO Amin Al-Nasser said he remains positive on the firm’s investment in India, and is working with partners. He was replying to a reporter’s question, on the sidelines of Saudi India Forum, about the fate of the 60 million tonnes-a-year refinery project after ruling BJP and Shiv Sena agreed to shift the project from Ratnagiri district.

“I think if there is any delay, we can catch up. All we hear lately is that things are progressing well and we should be optimistic about it going forward,” he said when asked if search for an alternate site may delay the project beyond agreed deadline of 2025.

He said Saudi Aramco continues to stay invested in the project, agreements for which were signed last year. Saudi Aramco, he said, is also in discussions with other companies about investing in India.

“We are not limited to that investment (Ratnagiri refinery), which is the mega refinery, we are looking at other opportunities,” he said.

India is an investment priority for Saudi Aramco, he said. “There is a lot of growth potential. We are looking at additional investments in India. We are in discussions with other companies as well, including Reliance Industries.”

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