Saudi Aramco wants to negotiate with India to take a stake in the planned 1.2 million barrels per day (bpd) refinery on the country's west coast, according to a report by Reuters.
Saudi Aramco’s interest in the refinery was revealed byDharmendra Pradhan, India’s minister of petroleum and natural gas, on 14 May 2017.
Saudi Arabia is seeking to secure customers for its oil amidst a global oversupply.
According to the minister, with the 1.2 million bpd refinery, the world's largest, India wants to have a greater say in the global fuel trade.
While Indian Oil Corporation, the country's top refiner, will initially hold a 50 percent stake in the planned project, Hindustan Petroleum Corporation and Bharat Petroleum Corporation will take 25 percent each, says the report.