India offers Saudi Arabia stake in its strategic oil reserve

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.

Indiaand 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)