Saudi Aramco, the world's top oil exporter, said on Sunday it wants to enter India's oil refining and retailing sector and invited Indian firms to invest in a refinery that may be built in Saudi Arabia. The kingdom was also keen to strengthen ties with Indian firms, which buy more than 450,000 barrels per day (bpd) of crude oil from Saudi Arabia, Abdallah Jumah, president and CEO of Saudi Aramco, told an oil and gas conference in New Delhi.
Saudi Arabia was considering building a new 400,000 bpd refinery and Indian firms could consider investing in it, he said, but did not elaborate.
"We are thinking. It is just an idea," he told reporters on the sidelines of the conference.
Jumah said he was scheduled to meet the chairman of state-run Indian Oil Corp, the country's largest refiner, to discuss business opportunities.
"Hope it won't be long before we conclude something," he said.
In 2003, when the Indian government offered a controlling stake in refining and retailing firm Hindustan Petroleum Corp Ltd, Aramco was ready to bid, Jumah said, but the Indian government withdrew its offer after stiff opposition from political parties and trade unions.
Jumah said Aramco had not given up hope and valued investment opportunities in India's downstream sector.