A longstanding crude oil supplier to India, Saudi Arabia’s state-run oil producer Saudi Aramco has been scouting for investment opportunities in India’s downstream segment. Though its attempt to buy 20% stake in Reliance Industries’ oil-to-chemicals business for $15 billion fell through and the Ratnagiri refinery in Maharashtra is still in the works, Fahad Al Dhubaib, Saudi Aramco’s senior vice president of strategy and market analysis tells Kalpana Pathak that India will be a key market and the world will continue to use oil and gas for decades to come. Edited excerpts:
