Saudi Arabia seeks BPCL refinery investment in India

New Delhi: Saudi Arabia is considering investment opportunities in the Indian Government-backed Bharat Petroleum Corporation Limited’s (BPCL) new refinery project, according to sources. The potential investment aligns with the kingdom’s $100bn (Rs8.4trn) investment intentions for India. BPCL is in the preliminary phase of establishing a refinery to cater to the country’s escalating energy needs and is currently finalizing a location for this venture. 

In 2019, Saudi Arabia and India signed a memorandum of understanding, announcing the kingdom’s investment plan across various sectors including energy; however, these investments have yet to be realized.  

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Earlier, India’s Petroleum Secretary, Pankaj Jain, engaged with Saudi energy ministers and officials from Aramco in Riyadh, discussing bilateral cooperation in the oil and gas sector. 

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