Saudi Arabia to double crude oil supply to India

Riyadh: Saudi Arabia Sunday said it will double the supply of crude oil to India to around 40 million metric tonnes (MMT) per annum, a move that will help India meet the growing needs of its refineries.

The assurance came at a meeting between Minister of Petroleum and Natural Gas Murli Deora and his Saudi Arabian counterpart Ali bin Ibrahim Al-Naimi here Sunday. Deora is part of the delegation accompanying Prime Minister Manmohan Singh on a visit to
Saudi Arabia.

He pointed out that India looks for doubling of crude oil supply from
Saudi Arabia as its three grass-root refinery projects at Bhatinda, Bina and Paradip near completion.

Naimi assured Deora that his country will increase allocation of crude oil for supply to
India from about 25.5 Million Metric Tons (MMT) per annum to about 40 MMT, according to an official statement.

The Petroleum Minister also referred to a greater possibility of cooperation and asked the Indian oil Public Sector Undertakings (PSUs) led by Engineers India Ltd (EIL) to jointly open an office in
Riyadh.

Besides, India also evinced interest in sourcing heavier crude from
Saudi Arabia and carry out an exchange of technical personnel between the two countries and cooperate on training in skill development in the oil and gas sector.

Singh is on a three-day visit to
Saudi Arabia. The two countries have finalised 10 pacts, including an Extradition Treaty and agreements in the economic sphere for signing during the visit.

PTI