Riyadh – Mubasher: India is ready to give state-run Saudi Aramco a 50% stake in a refinery that will be set up on its western coast with a capacity of 1.2 million barrels per day (bpd), a familiar with the matter said.
An agreement may be announced on Wednesday regarding this transaction during Saudi oil minister Khalid Al-Falih's visit to New Delhi to attend the International Energy Forum in Delhi, Reuters reported, citing the source as saying.
Both parties are still in talks over small issues, but the two nations are ready to strike the deal, the source added.
This step would give Aramco, the world's largest oil producer, a new outlet for its oil.
The Middle Eastern oil giant wants to tap mounting demand growth and invest in India, which is the world’s third-biggest oil consumer.
