Saudi Aramco, the world’s biggest oil exporter, has said it was focusing its downstream investments in high-growth nations such as India as it negotiates a deal to buy up to a 20 per cent stake in Reliance Industries’ $75-billion oil-to-chemical business.
In its latest annual report, Aramco said it was 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 83 per cent of oil needs.
Saudi Arabia is its second-biggest oil supplier, exporting close to a fifth of the oil sourced from abroad.
