Apart from seeking enhanced crude oil and LPG supplies from Saudi Arabia, India will showcase major investment opportunities to the Arab Kingdom and its companies, including offering stake in IOC’s LNG project at Ennore in Tamil Nadu, Kochi Petrochemical Project of BPCL, Opal Petrochemical project at Dahej in Gujarat during the Joint Commission Meeting to be held later this month in Riyadh.
At present, India imports on an average around 700,000 barrels per day of crude oil from Saudi Arabia and is seeking to increase that quantity. Major Saudi companies like Kingdom Holding, Saudi Arabia Basic Industries Corporation (SABIC) and National Industrialisation Company (NIC), the petrochemical holding arm of the Kingdom Holding Company would be offered attractive investment opportunities, including that in the Delhi-Mumbai Industrial Corridor project.
Sources in the Petroleum Ministry said the Indian side would request Saudi Aramco, the Kingdom’s national oil company, to crease term volume of crude to Indian oil marketing companies (OMCs) as the requests already made. State-run Hindustan Petroleum Corporation Limited’s (HPCLs) request for higher allocation of Arab extra light crude was turned down in July-September 2013 by Saudi Aramco. The company was providing a line of credit to the extent of $65 million to HPCL, which was withdrawn in March 2009. Read more
By SUJAY MEHDUDIA