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Saudi Aramco seeks exclusive talks over India oil refinery stake - Dharmendra Pradhan
June 14, 2017 / 4:07 PM / 6 months ago

Saudi Aramco seeks exclusive talks over India oil refinery stake - Dharmendra Pradhan

NEW DELHI (Reuters) - Oil giant Saudi Aramco wants to enter into exclusive talks with India to buy a stake in the planned 1.2 million barrels per day (bpd) refinery on the South Asian nation’s west coast, India’s oil minister said on Wednesday.

FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo

The proposed talks come as Saudi Arabia seeks to secure customers for its oil amidst a global supply glut.

With the 1.2 million bpd refinery, the world’s largest, India wants to have a greater say in the global fuel trade, Oil Minister Dharmendra Pradhan told reporters in New Delhi.

The country’s top refiner Indian Oil Corp will initially hold a 50 percent stake in the project, while Hindustan Petroleum Corp and Bharat Petroleum Corp will own 25 percent each.

Reporting by Nidhi Verma and Neha Dasgupta; Editing by Mark Potter

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