Saudi Aramco defends its hold on coveted indian oil market with Reliance tie-up

Saudi Aramco’s proposed purchase of part of Reliance Industries Ltd will allow it to regain its grip on the world’s fastest-growing oil market, where suppliers including the US and Russia are making inroads.

Aramco’s plan to buy 20 per cent of the oil-to-chemicals business of Reliance — which includes the world’s biggest refining complex at Jamnagar — comes with an assurance to buy half a million barrels a day of the kingdom’s crude on a long-term basis. That is around 25 million tons a year and will allow Saudi Arabia to easily reclaim the top supplier spot from Iraq.