Pradhan concerns about crude prices
The Indian and Saudi Ministers have reviewed various Saudi investment proposals in the Indian oil and gas sector, including the urgent steps to be taken to expedite the implementation of a US$44 billion refinery and petrochemical complex.
The first Joint Venture West Coast Refinery and Petrochemical Project in Maharashtra will be the largest greenfield refinery in the world.
Saudi Arabia’s participation in Indian Strategic Petroleum Reserve (SPR) Program was also discussed when Petroleum & Natural Gas Minister Dharmendra Pradhan met Saudi Minister of Energy, Industry and Mineral Resources, Khalid A. Al-Falih in New Delhi on 9 March 2019.
Both the Ministers agreed to take concrete steps for early implementation of the decisions taken in the oil & gas sector during the visit of Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud to India last month.
During the meeting, Pradhan referred to Saudi Arabia’s pre-eminent role as a leading producer of crude oil in the world, and in maintaining global oil market balance.
He raised concerns about increasing trend in global crude oil prices. He also pointed to the need for uninterrupted supplies of crude oil and LPG to India in view of the OPEC+ cuts.
Both Ministers also discussed about possible adverse impact of recent geopolitical developments on global oil market.
The meeting was a follow-up to the first State visit of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Deputy Prime Minister and Minister of Defence of the Kingdom of Saudi Arabia in February this year.
This visit also reflects the intensifying engagement between the two countries in the hydrocarbon sector. Saudi Arabia is the second largest supplier of crude and LPG to India.
In 2017-18, India’s crude oil imports from Saudi Arabia were 36.8 MMT, accounting for 16.7% of our total imports. fiinews.com
