Saudi Aramco sets sight on India's downstream sector, plans mega investment

CEO Amin Nasser says oil consumption in India increased by 8% as compared to a global average of 1.5%

The world’s biggest oil producer, Saudi Aramco, on Monday said it would invest in the downstream oil and gas sector of India through a joint venture. It has set up a local arm, Aramco Asia India, even as it evaluates picking up a stake in the Rs 40,000-crore mega refinery on the west coast of the country.

“We are looking at mega investment in India, as it is an important market. India is going from 4.6 million barrels per day of oil consumption to 10 million barrels per day by 2040,” said Amin Nasser, chief executive officer (CEO), Saudi Aramco,