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Business News›Industry›Energy›Oil & Gas›UAE, Saudi Arabia keen to invest in India’s refining sector: Hardeep Singh Puri

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UAE, Saudi Arabia keen to invest in India’s refining sector: Hardeep Singh Puri
Synopsis

India aims to boost its refining capacity to 6.2-6.4 million barrels per day. The current capacity stands at approximately 5.4 million barrels per day. According to Hardeep Singh Puri, the cost of building new refineries is significant. UAE and Saudi Arabia show keen interest in these investments. The investments are aimed at accessing India's growing downstream market.

Reuters

New Delhi: India's oil minister, Hardeep Singh Puri, said on Thursday the United Arab Emirates and Saudi Arabia are interested in investing in India's refining sector.



"Nobody wants to come and invest in a refinery unless they can also get a slice of your growing downstream market," Puri said at an event.

India, the world's third-biggest oil importer and consumer, aims to expand its refining capacity to 6.2-6.4 million barrels per day from the current about 5.4 million bpd by building new plants and upgrading the existing units, he said.

Puri said the cost of building a refinery was huge, about 780 billion to 800 billion rupees ($8.13-$8.34 billion).



"So yeah, they're very keen on these investments", he added.

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