Saudi Arabia's Aramco seeking stake in India's oil refinery: Petroleum ministry
India wants to have a greater say in the global fuel trade Photograph: (Reuters)
Saudi Arabia's oil giant Aramco wants to enter into exclusive talks with India to buy a stake in the planned 1.2 million barrels per day (bpd) refinery on the South Asian nation's west coast, minister of state for petroleum and natural gas Dharmendra Pradhans said.
The proposed talks come as Saudi Arabia seeks to secure customers for its oil amidst a global supply glut.
With the 1.2 million bpd refinery, the world's largest, India wants to have a greater say in the global fuel trade, oil minister Dharmendra Pradhan told reporters in New Delhi.
The country's top refiner Indian Oil Corp will initially hold a 50 pe rcent stake in the project, while Hindustan Petroleum Corp and Bharat Petroleum Corp will own 25 per cent each.