India is aiming for Saudi oil investment
India wants to build up a substantial oil reserve in order to be less susceptible to price fluctuations and possible disruptions in the supply of the raw material.
The country, which is the third largest oil consumer worldwide, hopes for a Saudi investment in connection with the inventories to be built.
Representatives from the countries would talk about an investment in India’s oil reserve program. Saudi Arabia was also polled for an interest in a major refinery project on the west coast of the country.
An average of four out of five barrels of oil consumed in India are imported. Due to persistent risks and tensions in the Middle East and Africa, the most important suppliers for India, the country is forced to better cover itself. India has already realized several large underground storage locations.