Aramco, Adnoc Interested In India’s Rs 110-bn Strategic Oil Reserve Project


Aramco, Adnoc Interested In India’s Rs 110-bn Strategic Oil Reserve Project

Petroleum Minister Dharmendra Pradhan said on Wednesday that two global oil majors — Saudi Aramco and Abu Dhabi National Oil Corporation (Adnoc) — have shown interest in setting up the second phase of India’s strategic crude oil reserves that may see an investment to the tune of Rs 110 billion.

Two projects, with a combined capacity of 6.5 million tonnes (mt), will be coming up at Chandikhol in Odisha and Padur in Karnataka on public private partnership mode. Sources confirmed that the government was in talks with Indian private players such as Reliance Industries and Nayara Energy, too, to pick up stake in the project. Read more

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