India, Saudi Arabia Plan JV for Two New Oil Refineries
OIL & GAS

India, Saudi Arabia Plan JV for Two New Oil Refineries

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

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

Next Story
Infrastructure Urban

3i Infotech Reports Rs 7.25 Bn Revenue for FY25

3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..

Next Story
Infrastructure Urban

Emerald Finance Joins Baya PTE to Boost SME Bill Discounting

Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..

Next Story
Infrastructure Urban

BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25

BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, “We are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?