World’s largest oil firm Aramco looks to India as its ‘No 1 target for investment’

By: |
Riyadh | April 03, 2016 10:00 PM

Saudi Oil giant Aramco, the world's largest oil firm with crude reserves of about 265 billion barrels, plans to make major investment in India's petroleum sector as it considers India the most preferred destination to invest at a time when the global economy is in a crisis.

Narendra Modi, Narendra Modi in saudi, modi newsAramco, Aramco investment, aramco investment in india, India the most preferred destination, Saudi Oil giant, world's largest oil firm, investment in India, India petroleum sectorPM Narendra Modi (centre R) meets Khalid Al-Falih, Saudi Health Minister and Chairman of the Board at Aramco, in Riyadh, Saudi Arabia (Reuters)

Saudi Oil giant Aramco, the world’s largest oil firm with crude reserves of about 265 billion barrels, plans to make major investment in India’s petroleum sector as it considers India the most preferred destination to invest at a time when the global economy is in a crisis.

Head of Aramco Khalid A Al Falih called on Prime Minister Narendra Modi during which he conveyed that the state-owned company was eyeing India as the most preferred investment destination.

“Minister Al Falih to PM: Aramco looks to India as its No 1 target for investment,” External Affairs Ministry Spokesperson Vikas Swarup tweeted.

Aramco is Saudi Arabia’s national oil company with crude reserves of about 265 billion barrels which is over 15 per cent of all global oil deposits.

The Saudi government plans to sell shares in Aramco and transform the oil giant into an industrial conglomerate.

Energy-powerhouse Saudi Arabia is India’s largest crude oil supplier, accounting for about one-fifth of total imports and both sides were of the view that cooperation in the sector should expand.

India is specifically looking at Saudi investment in “high temperature deep sea off shore exploration” and has opened up the sector for FDI.

India’s ties with Saudi Arabia, one of the world’s leading oil producers, have been on an upswing over the last two decades based on burgeoning energy ties. The two countries are keen to move beyond buyer-seller relationship in the sector and go for joint ventures and investment in refineries and oil fields.

Do you know What is India expected to grow 10 pc during current fiscal: NCAER Director General Poonam Gupt,FinMin releases Rs 9,871 cr grant to 17 state, Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Gati Shakti, digitisation, ‘Make in India’ discussed as Finance Minister Nirmala Sitharaman meets top CEOs in New York
2Too early to conclude on lessons learnt from COVID-19 crisis: Nirmala Sitharaman
3Indo-US ties: Sitharaman, Yellen say focus on firm recovery policy