India, along with China, is among those nations that have good relations with both Saudi Arabia and Iran. This helps them to diversify their oil imports, especially after the US withdrew sanctions waivers for oil imports from Iran. Energy security is a crucial aspect of Prime Minister Narendra Modi’s visit to Saudi Arabia. India gets 18 per cent of its crude oil and 22 per cent of its Liquefied Petroleum Gas (LPG) requirements from the kingdom.
A memorandum of understanding (MoU) was signed between Aramco and Indian Strategic Petroleum Reserves Limited (ISPRL). Aramco can sell Indian refiners a portion of the 4.6 million barrels of oil stored at the ISPRL facility in Padur, Karnataka. These investments are a way to rope in big Indian refiners as customers. India has huge energy needs and Gulf producers like Saudi Arabia are keen to help satisfy this demand. Read more
Latest posts by Daily Excelsior (see all)
- A friendship fuelled by energy and regional security - November 2, 2019
- Cut road construction costs: Road Ministry to NHAI - October 18, 2019
- PM Modi, Nepalese premier to inaugurate Motihari-Amlekhgunj oil pipeline today - September 10, 2019