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India invites Saudi Arabia to invest in oil sector

Saturday, 25 February 2012 | 00:00
India has invited Saudi participation in upcoming investment opportunities in its petroleum upstream and downstream sector including OPaL’s Petrochemical project at Dahej and OMPL’s Petrochemical project at Mangalore.
An offer was made to the Saudi side for considering equity participation in these projects as a strategic investor, said Mr R.P.N. Singh, Minister of State for Petroleum & Natural Gas, after the bilateral meetings with Prince Abdul Aziz Bin Salman Bin Abdulaziz, Assistant Minister for Petroleum Affairs, Saudi Arabia.
Other proposed investment opportunities such as Indian Oil Corporation’s LNG project at Ennore, Bharat Petroleum Corporation’s LNG terminal at Kochi, Hindustan Petroleum Corporation’s grass-root refinery in Visakhapatnam and Indian Oil Corporations petrochemical plant at Paradip were also discussed.
Since both Saudi Arabia and India are prominent actors in the International Energy Forum (IEF) comprising 88 countries, which is the world’s principal vehicle for the ongoing global energy dialogue, several issues related to the IEF were also discussed, he said.
Source: The Hindu Business Line
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