New Delhi, Feb 24 (IANS) Saudi state-run oil giant Aramco is trying to buy stake in present Indian refineries and in their capability enlargement, as well as in the proposed petrochemicals refinery on India’s west coast, Saudi Arabian Power Minister Khalid bin Abdulaziz al-Falih mentioned on Saturday.
Speaking to reporters right here during his ongoing official visit to India, Al-Falih said Aramco had already signed an agreement to provoke talks for acquiring stake in the proposed Rs 1.Eight lakh crore refinery in Maharashtra.
“Aramco is also looking at other alternatives to buy into present refineries in India in addition to upgrades of existing refineries. So, there are at least three completely different tracks which I can’t reveal more specifics,” said the Saudi Minister, who additionally looks after the business and mineral assets portfolios.
“Agreements have been already signed that enables discussions to start out on the configuration of the (west coast) refinery, on design foundation and pre-feasibility research,” he said.
“One is the greenfield west coast refinery, which is already public, but there are discussions with expansions as well as shopping for stake into main existing refinery assets. All of these are illustrated commitments by the Kingdom and the company to be not only a provider, however an investor in India at an unmatched scale,” he added.
In line with Al-Falih, “India is open for partnership, open for business, we welcome that, we welcome Prime Minister (Narendra) Modi’s professional-enterprise setting, we believe in it, we imagine its right here to remain and have instructed Aramco team to assign zero political and regulatory risk to India and deal with it as a part of Saudi Arabia.”
“The tasks could have dangers, the markets may have risk, but India has no risk. And we are right here to invest, we are here to develop, we are here to be part of India’s panorama. We can be acquired with open arms and we don’t take that as a right. We’ll match that with dedication, with action and with unmatched move of FDI,” he added.
Relating to at the quantum of stake in the west coast refinery proposed to be bought by Aramco, the Minister said: “The more the better. However certainly we are not constrained by capital, and we’re not constrained by feed stock, and we aren’t constrained by measurement.”
Queried on Aramco’s interest in gas retailing in India, Al-Falih mentioned the corporate is agreeable “in principle”.
“However I will depart that to Aramco downstream organisations to take a look at. I am not used to the complexities,” he added.
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