Saudi Aramco plans to boost investments in refining and petrochemicals to secure new markets for its crude, and sees growth in chemicals as central to its downstream strategy to lessen the risk of a slowdown in oil demand.
Saudi Aramco has named six new heads of departments including its finance unit after a government reshuffle last week saw several executives at the oil giant moving to other state posts, the company and industry sources said on Tuesday.
AT the International Energy Forum in Delhi in April, the world’s top oil producer Saudi Aramco inked a preliminary deal to partner with a consortium of Indian players to build a US$44 billion refinery and petrochemical project on India’s west coast.
At the International Energy Forum in Delhi in April, the world’s top oilNSE 1.79 % producer Saudi Aramco inked a preliminary deal to partner with a consortium of Indian players to build a $44 billion refinery and petrochemical project in Maharashtra’s Ratnagiri.
Saudi Aramco, the world’s top oil company which is preparing to go public, said on Sunday it has appointed new members to its board including a female executive, a milestone for Saudi Arabia and the oil industry where there are few women executives.
Saudi Aramco, the world’s largest oil producer, will hold an equal stake in the planned $44-billion refinery-cum-petrochemical project in Maharashtra, Ram Gopal, director of refineries at Indian Oil said.
Saudi Aramcowill venture into fuel retailing in India only after the proposed $44 billion refinery-cum-petrochemicals complex is ready, CEO Amin H Nasser told ET in an interview.
Taking another step towards making the proposal for a mega refinery in the country’s west coast a reality, an Indian consortium consisting of Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation signed an MoU with Saudi Aramco here on the sidelines of the16 International Energy Forum Ministerial.
Saudi Aramco, the world’s biggest oil company, on Wednesday announced a $44-billion deal to build a giant refinery complex in India with three Indian oil majors.
The world’s largest oil producer Saudi Aramco on Wednesday signed a deal with India to take up 50 per cent stake in the Rs 3 trillion West Coast refinery. The company also offered an interest in foraying into petroleum retail business in India.