After I finish the historical visit of Prince Mohammed bin Salman to India , which is a strategic step on the road to external expansion, the major companies in Saudi Arabia have come to think and discuss investment opportunities in New Delhi.
At the same time, during the visit, which did not exceed one day, the Saudi company, Aramco, the largest oil exporter in the world, revealed its search for possible investments in Indian projects, including Reliance Industries, which operates the largest crude refining complex in the world.
Reliance Industries, controlled by Mukesh Ambani, the wealthiest man in Asia, is India's largest refining and petrochemical company and operates a refinery with a capacity of 1.4 million barrels per day in western India. It plans to increase production capacity to two million barrels per day by 2030.
Saudi Energy Minister Khalid Al-Falih confirmed that he wanted to see Saudi Aramco and SABIC, the largest petrochemical producer in the Kingdom, among the common names in India.
Al-Falih and Al-Nasser traveled with Saudi Crown Prince Mohammed bin Salman, who visited India for a one-day visit.
Major oil producers such as Aramco target Asia as fuel demand grows as a stable outlet to sell their oil, and are scrambling to invest in refining capacity there, according to Reuters.
Saudi Arabia, the world's largest exporter of crude oil, is keen to further expand the refining and petrochemical sectors.
India is currently the third largest oil consumer in the world, and the demand is 4.7 million barrels per day, according to government data.
Last year, Saudi Aramco and Abu Dhabi National Oil (ADNOC) allied with Indian state-run refining companies in a plan to build a refinery with a capacity of 1.2 million barrels per day and a petrochemical project in Maharashtra.
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