Saudi Aramco in Talks for BPCL & ONGC Refinery Investments

Saudi Aramco is in talks to invest in two upcoming refinery projects in India. As part of its strategy, the company plans to supply crude oil amounting to three times its equity stake in each project and intends to market its share of production either within India or through exports.

The discussions primarily focus on BPCL’s planned refinery in Andhra Pradesh and ONGC’s refinery in Gujarat. Both countries aim to finalize an agreement ahead of Indian Prime Minister Narendra Modi’s scheduled visit to Saudi Arabia in the second quarter of 2025.

ONGC is engaged in the exploration, development, and production of crude oil, natural gas, and value-added products. Meanwhile, Saudi Aramco is looking to secure a long-term crude oil supply arrangement in India.

BPCL specializes in refining crude oil and marketing petroleum products, operating refineries in Mumbai and Visakhapatnam. The company also manages LPG bottling and lube blending plants, along with an extensive distribution network comprising installations, depots, aviation service stations, retail outlets, and LPG distributors.

News by Rahul Yelligetti.