India, Saudi Arabia Plan JV for Two New Oil Refineries

26 Apr 2025 CW Team

Suhel Ajaz Khan, the Indian Ambassador to Saudi Arabia, said in a press briefing that an agreement was reached between the two countries to establish two oil refineries in India through a joint venture. The agreement comes is the result of a mutual desire to establish closer energy ties and cooperation in sectors such as tourism and technology. This desire stems from both countries’ slow economic expansion, as well as global concerns regarding US tariff policies.

The briefing comes after a meeting between Saudi Crown Prince Mohammed bin Salman and Indian Prime Minister Narendra Modi met in Jeddah on Tuesday night. The meeting, which was supposed to be part of greater bilateral discussions, was cut short when Modi had to return to India following a terror attack in Jammu & Kashmir.

The actual establishment of the Joint Venture remains under scrutiny due to previous unmaterialized projects between the countries. A plan to jointly build a mega complex in western India, for example, hasn’t come to fruition due to challenges over land and a proposal for a stake in Reliance Industries Ltd.’s mega refinery in Gujarat failed to fructify on valuation issues. Similarly, in 2019 bin Salman had pledged $100 billion of investments in India, but only about $10 billion of that has materialised.

This joint venture could be seen as a measure to counteract Saudi Arabia’s decline as India’s largest oil supplier, especially since state-owned oil behemoth Saudi Aramco has also long sought entry into India’s refining sector with little success.

Image source:chemindigest

Infrastructure Energy

22 Oct 2025

KEC Secures Rs 10, 380 Mn Substation Order in Saudi Arabia

KEC International Ltd., a global infrastructure EPC major, and an RPG Group company, has secured a new order worth Rs 10,380 million for the Design, Supply and Installation of a 380 kV GIS Substation in Saudi Arabia.Vimal Kejriwal, MD & CEO, KEC International Ltd., commented, “We are delighted with the successive order wins in our T&D business. In a landmark achievement, we have secured our largest ever substation order. This prestigious order in the Middle East has widened our portfolio and strengthened our presence in the region. With this strategic win, our year-to-date or..

Central Bank of India executes first fully digital SCF deal on PSB Xchange

In a major advancement for India’s banking sector, Central Bank of India (CBI) has successfully completed the country’s first fully digital supply chain finance (SCF) transaction on PSB Xchange—a unified multi-lender platform launched by PSB Alliance. PSB Xchange is designed to connect public and private sector banks, NBFCs, and fintechs with corporates and their channel partners to facilitate supply chain finance and small business loans. The transaction marks the first time a fintech-originated corporate lead has been seamlessly processed through the PSB Xchange ecosystem. The lead fl..

Atlanta Electricals secures Rs 1,835 Mn transformer order from BNC Power

Atlanta Electricals Limited (“Atlanta”) has secured an order worth Rs 1,835 million from BNC Power Projects Ltd for the supply of extra high voltage (EHV) transformers and a bus reactor for its Pugal site. The contract includes a mix of 315 MVA, 400 KV and 100 MVA, 132 KV transformers along with a 400 KV bus reactor. The project scope encompasses design, manufacturing, testing, and supply to the project site. Deliveries will be sequenced following engineering and drawing approvals, offering multi-quarter execution visibility and ensuring a steady production run-rate. The order will be ex..