Saudi Aramco keen on refining, as well as retail, tie-ups

The world’s biggest oil producer, Saudi Arabian Oil Co. (Saudi Aramco), may partner with India’s state-owned oil refiners to tap potential retailing and refining opportunities in the country, said the Saudi ambassador to India, Faisal H. Trad. Trad said this would mean either a new refinery or a partnership with refineries “that have an outlet to the distribution side”. The Saudi national oil company is the source of 23% of the crude oil imported by India, which depends on overseas supplies to meet 80% of its energy requirements. India, the world’s fifth largest oil importer, has been calling for cross-investments in energy markets to promote the shared interest of energy producers and consumers. Trad said Saudi Aramco has plans to enter India’s oil marketing sector as well, but a company spokesperson said in an e-mail that no information was available on this so far. (February 4, 2010)