Saudi considers IOC alliance

SAUDI Arabia’s Saudi Aramco has announced its plans to take part in India’s oil refining and marketing sector and is considering a partnership with Indian Oil Corp (IOC) to build strategic crude oil storage facilities in India.

Aramco is also eager for Indian firms to invest in a proposed 400,000 bpd export refinery in Saudi Arabia, according to India’s Sify Finance.

“We have been seeking partnership in refining and downstream marketing in India for many years," Aramco CEO Abdullah Ju’ah told the media following a meeting with IOC chairman M.S. Ramachandran.

"We were about to put bids for Hindustan Petroleum Corp Ltd (HPCL) but [privatisation] did not happen. We continue to look for opportunities and are talking to companies.”

Ramachandran said Aramco had “agreed to consider” participating in building strategic storage facilities at Mangalore and Vizag.