Wednesday, Mar 30, 2005
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By Atul Aneja
MANAMA, MARCH 29. India today got an assurance from Saudi Arabia over long-term oil supplies amid indications that both countries are likely to work together in joint ventures in the refinery sector. The Saudi Arabian Oil Minister, Al al-Naimi, after talks with his Indian counterpart, Mani Shankar Aiyar, in Riyadh, reiterated Saudi Arabia's interest in investing in joint venture refineries with India to process Saudi crude. ``India relies on the kingdom for a large part of its petroleum imports,'' Mr. Naimi said in a statement carried by the Saudi Press Agency. ``The kingdom is ready to increase the amount of oil it exports to India,'' he said. Mr. Aiyar, the first Indian Petroleum Minister to visit the Kingdom, had last night said that India was looking at long-term contracts with Saudi Arabia and was hoping to double its oil imports. It exports 4,30,000 barrels a day, meeting around 26 per cent of India's total requirements. Earlier, Mr. Aiyar told the Arab News, ``the talks with my Saudi counterpart will be in continuation of what we already had in Vienna and Delhi.'' He said India was seeking acquisition of equity in oil and gas abroad. India could partner Saudi Arabia in the planned upgrade of Saudi Arabia's Red Sea Yanbu refinery. Saudi Arabia may find investment opportunities in the Visakhapatnam and Paradip refineries. The Indian Oil Corporation (IOC) had said in January it had begun talks with the state-owned Saudi Aramco for constructing a strategic reserve of about 37.5 million barrels.
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