Saudi Arabia, through Saudi Aramco, is in discussions to acquire a 20% stake in two new refineries in India [5]. The refineries are being planned by state-owned companies Bharat Petroleum Corp (BPCL) and Oil and Natural Gas Corp (ONGC) [5]. This move signifies Saudi Arabia's intent to secure a stable market for its crude oil in the rapidly expanding Indian market [5].
Aramco's initial investment in both facilities could total around $2.8 billion, with potential increases up to $5 billion in the future [5]. Agreements were signed during Indian Prime Minister Narendra Modi's visit to Riyadh on April 23, 2025, to establish these refineries [3, 5, 6, 7].
One refinery is planned by BPCL in Andhra Pradesh, and the other by ONGC in Gujarat [5]. Each refinery is expected to process 12 million tonnes of crude oil annually [5]. These investments aim to strengthen energy cooperation and security between Saudi Arabia and India [6].