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India Invites Saudi Arabia to Invest In Its Strategic Oil Storage

India Invites Saudi Arabia to Invest In Its Strategic Oil Storage

India has developed a rescue plan for its refinery project after facing resistance from the BJP-led Maharashtra government regarding the land site. It has invited Saudi Arabia to invest in its strategic oil storage and build emergency crude reserves so that the project acts as a buffer against the fluctuations in oil prices and breakdowns in the production or distribution nodes of supply chain for India.
India ranks third among the top oil consumers in the world, and with this move, it will aim at resurrecting the project of worth Rs 3.08 lakh crore.

On his second visit to India, Khalid Al Falih, Saudi Oil Minister had a discussion with his Indian counterpart, DharmendraPradhan regarding the involvement of Saudi in the Indian Strategic Petroleum Reserve program. From a government statement, it has been found that the discussion also focused on taking the urgent steps to expedite a proposal of $44 billion oil refinery project on the west coast of India by the investment from Saudi Arabian National Oil Co. The statement also said that it will be the largest greenfield refinery in the world.

The expansion of India’s strategic reserves will help the nation shield from the perennial political risk associated with the bulk purchase of oil from the Middle East and Africa. So in order to ease the strain on state finances, the government has worked on opening up underground caverns to be used as commercial storage. It has already leased out tanks to Abu Dhabi National Oil Co.


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