Bad news for Mukesh Ambani as this company eyes fresh investment in Indian…, the company is…

Viewing India as a key market for its crude oil and petrochemicals, Saudi Aramco has shown interest in investing in upcoming projects, including those by Bharat Petroleum Corporation Ltd (BPCL) and Oil and Natural Gas Corporation (ONGC), according to S&P Global Commodity Insights. According to market experts, this have become a new headache for the Mukesh Ambani’s Reliance industries.

Expanding its market, India plans to boost refining capacity from 258.1 million metric tonnes (mt) to 309.5 million mt by 2028. S&P Global estimates India will require an additional 400,000 barrels per day of refining capacity by the early 2030s.

And so, despite previous setbacks in planned investments Aramco, which was the third-largest crude oil supplier to India in 2024, supplying 625,000 barrels per day, views India as a key market for its crude oil and petrochemicals. Earlier the company had to face loss in investments such as Ratnagiri Refinery and a proposed stake in Reliance Industries’ oil-to-chemicals business.

“Any interest from Aramco in BPCL and ONGC refineries will align with this strategic direction. If they get to obtain a successful partnership in any of these new refineries, Aramco cannot only ensure a steady supply of its crude but will gain a substantial share of refinery output for sale in the Indian retail market,” said Abhishek Ranjan, South Asia oil research lead at S&P Global Commodity Insights.

News