Petroleum minister Dharmendra Pradhan urged Saudi Arabia to help keep oil prices low when he spoke to the kingdom’s energy minister, Khalid Al-Falih, on Friday about investments in India’s energy sector.
The ministers spoke to each other over phone amidst reports about a possible tie up in the petrochemical and oil refinery sectors between Saudi Aramco, the world’s largest oil exporter, and Mukesh Ambani-led Reliance Industries (RIL). The RIL tie-up will be in addition to the $44-billion Ratnagiri refinery in Maharashtra, for which Saudi Aramco and UAE’s Adnoc are partnering with Indian Oil Corporation, Bharat Petroleum Corporation, and Hindustan Petroleum Corporation.
The ministers discussed the recent geo-political developments impacting crude oil prices. Pradhan, while referring to the developments in the Strait of Hormuz, conveyed his concern on rising crude oil prices.
