The United Arab Emirates and Saudi Arabia are interested in investing in India’s refining sector, Indian Oil Minister Hardeep Singh Puri said on Thursday, highlighting growing interest from Gulf countries in the country’s energy market.

Puri said investment would depend on access to India’s expanding downstream market. He made the comments at an event, where he outlined the scale of investment required to build new refineries and upgrade existing facilities.

India is the world’s third-biggest oil importer and consumer. The country plans to increase its refining capacity to between 6.2 mn and 6.4 mn barrels per day (bpd), from its current capacity of about 5.4 mn bpd.

The expansion is expected to involve both new plants and upgrades to existing units. The government sees additional refining capacity as important for meeting rising domestic fuel demand and supporting the wider downstream oil industry.

Puri estimated that building a refinery would cost between Rs. 780 bn and Rs. 800 bn. He said the scale of the capital required meant that investors would need a commercial opportunity beyond refining crude oil, including participation in the downstream market.

The minister’s comments come as India seeks investment and partnerships to strengthen its energy infrastructure. The interest from the UAE and Saudi Arabia also reflects the established role of Gulf producers in global oil markets and their potential participation in India’s long-term refining expansion. No specific companies, projects or investment commitments were identified in the remarks.