Saudi Aramco offered stake in India's strategic oil storage

State-run Saudi Aramco has been offered a stake in India's second phase of strategic oil reserves storage facility, Reuters reported, citing Indian oil minister, Dharmendra Pradhan.

The Asian country is building a six million ton strategic oil reserve. It already has a 5 million ton strategic reserved stored at three locations.

A similar agreement had been earlier signed with Abu Dhabi National Oil Co. (ADNOC) to store about 6 million barrels of crude oil at India’s maiden strategic oil reserve. 

Meanwhile, other potential investment opportunities were discussed by both countries in a proposed oil refinery with the capacity of 1.2 million barrels per day, as well as a petrochemicals project in the south.

India has also been in talks with the Kingdom for reasonable oil prices to make crude economical to Indian state-owned refineries without hurting the ‘interest’ of Saudi Arabia, he added.