Govt wants Saudi Aramco to develop strategic petroleum reserve: Report
India wants Saudi Arabia’s Aramco to participate in its planned 6.5 million metric tons (MMT) strategic petroleum reserve (SPR) programme as the South Asian nation wants to strengthen ties with its key oil supplier, according to a document seen by Reuters.
The two nations have been talking about Aramco’s participation in the SPR programme for years. The talks, however, gained traction after Crown Prince Mohammed Bin Salman’s meeting with Prime Minister Narendra Modi last month.
“Under Phase II Strategic Petroleum Reserves Programme construction of two new commercial-cum-strategic petroleum reserves of 6.5 MMT have been approved,” the Indian government said in an internal document, adding that “Saudi Arabia’s Aramco can be invited to participate in the Phase II.”
