Newsletter
Saudi Aramco is in talks to invest in two upcoming Indian refineries, securing a long-term home for its crude.
The deets: Aramco is the world’s largest oil exporter, managing everything from oil exploration to global supply. Now, it’s negotiating stakes in BPCL’s planned refinery in Andhra Pradesh and ONGC’s greenfield project in Gujarat, both state-owned ventures.
Why it matters: as the world’s third-largest oil consumer, India is betting big on becoming a global refining hub, just as the West winds down capacity to focus on clean energy. Aramco wants in early, and these projects give it direct access to a fast-growing demand center.
For India, the benefits go beyond capital. Foreign investment brings in tech, scale, and energy security.
Zoom out: this isn’t Aramco’s first try. A previous mega plan in Ratnagiri fell through, but the oil giant hasn’t backed off. With PM Modi expected to visit Saudi Arabia soon, the timing could push both sides to seal the deal.
Big picture: India is planning three new mega-refineries of 400,000 barrels/day each, a bold play to become Asia’s refining engine. For Aramco, this could be its most important bet in Asia since its China expansion.
