Amid talks with Reliance, Saudi Aramco says focusing investments in high-growth India market
The world’s biggest oil exporter Saudi Aramco has said it is focusing its downstream investments in high-growth nations such as India as it negotiates a deal to buy up to 20 per cent stake in Reliance IndustriesNSE -10.31 %’ USD 75 billion oil-to-chemical business.
In its latest annual report, Aramco said it is looking at investment opportunities in high-growth markets as well as nations that rely on importing crude oil.
India is the world’s fastest-growing energy market with fuel consumption rising at 4-5 per cent annually. It also relies on imports to meet its 83 per cent of oil needs. Saudi Arabia is its second-biggest oil supplier, exporting close to a fifth of India’s oil sourced from abroad.
