Aramco eyes more India deals, plans to double capacity

Aramco eyes new petchem plant in Texas

Ending speculations of will it or will it not, Saudi Arabia has finally made its entry into the Indian oil sector with Saudi Aramco, the world's largest oil producer, signing an MoU with a consortium of Indian refiners to set up a mega refinery project here.

Saudi Aramco, the world's biggest oil exporter, is moving to invest in refineries overseas to help lock in demand for its crude, and expand its market share ahead of an maiden offering that is expected later this year or next year.

India is the world's third biggest consumer of crude after the US and China, accounting for four per cent of world consumption in 2015, according to the US Energy Information Administration.

"This project illustrates our strategy of maximizing the integration of our large refining and petrochemical platforms and of expanding our petrochemical operations from a low-priced feedstock, to take advantage of the fast growing Asian polymer market", said Patrick Pouyanne, the chairman and chief executive of Total.

The project would bring huge benefits to the region, the State of Maharashtra and the entire country in terms of large-scale employment generation, direct and indirect, as well as all-round economic development of the region.

As per the MoU signed, the project will be a 50:50 joint partnership venture between Aramco and a consortium of Indian oil companies, including the IOC, BPCL and HPCL.




Saudi Arabia Energy Minister Khalid al-Falih speaks with the media during the International Energy Forum (IEF) in New Delhi, India, April 11, 2018. "We want to be in every neighbourhood, every city, providing energy solutions", he said.

Saudi Arabia has been edged out as the top oil supplier to India amid an intensifying race among producers to retain their most-prized markets.

"Geographical information systems allow us to further enhance our upstream operations, safety procedures, project management, our detection and monitoring capabilities, and the preservation of our wide-ranging assets", he said.

Last year, Aramco said it would invest 18 billion United States dollars in Motiva to increase the capacity of the Port Arthur facility and move to petrochemical production. The preliminary deal for the construction of a 1.5 million tonnes a year steam cracker and petrochemicals units has already been signed between the two companies. Aramco has a refinery joint venture with Sinopec and Exxon Mobil, and is building a 300,000-bpd refinery with Norinco.

What's left unsaid is that this move will give Saudi Arabia a new outlet for its oil.

Related news:

Hot News

isis-killer-beheading-video-story-top Who Is Braun Strowman's Partner And New RAW Tag-Team Champion Nicholas?
Apr 12, 2018 - 07:26
Kurt Angle announced that the Raw Tag Team Titles will be decided in a match at the Greatest Royal Rumble in Saudi Arabia. Strowman found Nicholas after searching his way through the crowd at the Mercedes-Benz Arena in New Orleans.

isis-killer-beheading-video-story-top France and Saudi Arabia agree on need to curb Iran's 'expansionism'
Apr 12, 2018 - 07:25
The Crown Prince will attend a luncheon banquet to be hosted by King Felipe VI at the royal palace in Madrid . The kingdom also revealed that it would enter short films at the Cannes film festival next month.

isis-killer-beheading-video-story-top Tristan Thompson Allegedly Cheats on Pregnant Khloe Kardashian
Apr 12, 2018 - 07:24
Kardashian has always been vocal about her fertility struggles on the family's reality series Keeping Up With The Kardashians . We're told she later learned Tristan and Khloe had been together for nearly a year. and, at that point, she cut off the fling.

isis-killer-beheading-video-story-top Kim Kardashian joins Kourtney Kardashian and Younes Bendjima in Turks and Caicos
Apr 12, 2018 - 07:24
The insider adds, "They stayed at Amanyara in a private villa overlooking a pond with a private swimming pool and chef". Celebrating her Jessica Rabbit figure, the Kardashian sister paraded her shapely hips and toned stomach to the masses.

isis-killer-beheading-video-story-top National Football League releases Dolphins 2018 preseason schedule
Apr 12, 2018 - 07:21
Next, Atlanta will play host to the Chiefs, who have also made some dramatic changes at the most important position on the field. Outside of the Chargers, the teams the Saints will be facing haven't been a part of the team's preseason schedule for a while.

isis-killer-beheading-video-story-top Tariff Fears and a Jobs Report Send Stocks Lower
Apr 11, 2018 - 12:44
Employers added 103,000 jobs in March, which is weaker than the last few months. -China trade tensions stoked investors worries. Trump said the market turmoil was short-term "pain", but insisted the outcome would leave the U.S.in a better position.

isis-killer-beheading-video-story-top Exercise, Physical Fitness Bring Cardiovascular Benefits
Apr 11, 2018 - 12:44
Further studies were taken into consideration, to delve into exercise among people with a family history of heart disease. In one of the largest studies on fitness and heart disease, researchers analyzed data from the UK Biobank project .

isis-killer-beheading-video-story-top Man arrested after pursuit in Ballarat
Apr 11, 2018 - 12:43
Police parties have also recovered 2 Kalashnikovs, 3 rifles, 4 guns, 32 pistols and hundreds of bullets. Officers chased the juveniles, who complied with commands and were taken into custody without incident.

isis-killer-beheading-video-story-top Is Khloe Kardashian in labor?
Apr 11, 2018 - 12:40
This whole Tristan Thompson cheating scandal is getting juicier by the hour. Uh oh! It seems like the Kardashian clan just can't seem to escape drama.

isis-killer-beheading-video-story-top Lewis Hamilton questions Max Verstappen's maturity
Apr 11, 2018 - 12:39
We have to work out some strategy because I don't want them to keep talking to me sometimes when I don't need them to talk to me. Red Bull Racing's Christian Horner downplayed the incident, insisting it was par for the course between two tough racers.

isis-killer-beheading-video-story-top Oil prices climb as trade-war tensions recede
Apr 11, 2018 - 12:38
Analysts said Xi's comments greatly relieved market anxiety for a potential trade war between the world's two largest economies. WTI crude futures CLc1 were at $65.40 a barrel, down 11 cents, or 0.2 percent from their last settlement.

isis-killer-beheading-video-story-top Leak reveals the OnePlus 6 in all its glory
Apr 10, 2018 - 19:59
We would let you update with every single information about this special edition phone in the coming days. The details about hiding the notch were confirmed by none other than the OnePlus CEO himself.

isis-killer-beheading-video-story-top Conte says West Ham draw sums up Chelsea's season
Apr 10, 2018 - 19:51
Shane Long took advantage of a comical mix-up between Petr Cech and Shkodran Mustafi to put the visitors in front early on. They can not defend it, they can not defend it, especially in a game that wasn't the greatest game.

isis-killer-beheading-video-story-top Stocks jump as Xi calms jitters over US-China trade row
Apr 10, 2018 - 19:51
Trump's latest proposal intensified what was already shaping up to be the biggest trade battle in more than a half century. They now are limited to a 50 percent stake in joint ventures and can not establish their own wholly owned factories.

isis-killer-beheading-video-story-top F1 2018 Bahrain Grand Prix: Could 2nd or 3rd have won?
Apr 10, 2018 - 19:49
Hamilton could take some consolation in equalling Raikkonen's all-time record of 27 successive points finishes. Kimi Raikkonen was making his second stop of the race when there was a problem at the left rear of the auto .