February 2010
M T W T F S S
« Jan   Mar »
1234567
891011121314
15161718192021
22232425262728

Contact us

Govt offers 10 pc stake in IOC refinery to Saudi Aramco

The government has offered a 10-per cent stake in the upcoming Paradip refinery of state-run Indian Oil Corp to Saudi Aramco for about $650 million, a government official told reporters on Thursday. The official, who did not wish to be a named, said Indian firms currently buy 25 million tonnes of crude oil annually from Saudi Aramco. “Historically, the Saudis have been interested in investing in refineries and distribution, but distribution at the moment in India is not viable (due to government-regulated fuel prices),” he said. India has recently sent a proposal offering stake in IOC's 300,000 barrels-per-day (bpd) coastal refinery in eastern India and the discussions would continue during Prime Minister Manmohan Singh's visit to Saudi Arabia from February 27, the official said. [...]