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India offers Saudi Arabia stake in its strategic oil reserve

Representational image. Photograph:( Others )

WION Web Team Delhi, India Feb 23, 2018, 11.32 AM (IST)

India's Oil Minister Dharmendra Pradhan has announced that India will offer Saudi Arabia a stake in the second phase of its strategic oil reserves. India is yet to build the strategic oil reserves. 

India and Saudi Arabia have also discussed investment opportunities in a proposed oil refinery. 

The refinery would bear a capacity of nearly 1.2 million barrels per day and is likely to be set up on the west coast of India.

The two countries have also talked about a petrochemicals project that will be set up in south India.

India has also sought reasonable oil prices from Saudi Arabia in a bid to make crude economical to India without hurting Saudi Arabia's interest.

(With inputs from Reuters)