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Aramco's plan to acquire a stake in the Indian oil and petrochemical company Reliance Industries will enable it to consolidate its position in India, the fastest growing market in the world, said Bloomberg.
Supply of 500,000 barrels per day
As part of the deal, the Saudi company will supply 500,000 barrels of crude oil a day to the world's largest refinery, Jamnagar, India.
"The deal will give Aramco access to a market where other producers are facing competition," Wood Guenzie's refining and chemical products director Sushant Gupta told reporters.
crude oil
India imports about 85% of its crude oil requirements, and the International Energy Agency predicts that it will be the fastest growing consumer in the world until 2040, oil consumption rising from 5 million barrels a day to 8.2 million barrels by 2035.
Aramco recently made a number of investments to bolster its presence in Asia, including building a refinery in Indonesia and planning a $ 6 billion expansion at a South Korean refinery. .
Construction of a refinery and petrochemical complex
Aramco has also signed an agreement for the construction of a $ 10 billion refining and petrochemical complex in China, and its plant in Malaysia, half of which is owned by Saudi Arabia, is expected to be operational this year. year.
"The share of Saudi oil in Asia is declining, so Aramco is taking holdings in assets where it can place oil," said expert Woodflower consultancy firm Sushant Goptamen.
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