India is set to grant Saudi Aramco a 50% stake in a 1.2million barrel-per-day refinery on its west coast, according to a news report.
Reuters, quoting industry sources, said a preliminary afreement will be announced today during a visit by Saudi Minister Khalid al-Falih and Amin Nasser, Aramco’s CEO, to New Delhi.
It comes amid the International Energy Forum in trhe city.
Two industry sources told the news agency that a memorandum of understanding will nr signed by Nasser.
One source told Reuters: “There are some last minute negotiations on small issues, but both countries are almost ready to announce a deal.”
The state-owned Saudi firm opened an office in New Delhi lastr year in order to tap into the market in India – the world’s third-largest oil consumer.
India has already outlined plans to boost its refining capacity to 8.8mbpd by 2030.