India to seek reasonable price for crude oil from Saudi Arabia: Pradhan

India to seek reasonable price for crude oil from Saudi Arabia: Pradhan

Pradhan said India has been asking the Organisation of the Petroleum Exporting Countries (Opec) to stop charging a premium from its Asian buyers. The minister also offered Saudi Arabia stake in the second phase of India's strategic petroleum reserve expansion programme, news agency Reuters reported. "But we don't know when and we don't know how", he said. We also discussed storage facility. State-run Indian Oil, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) are partners in the 60 million tonnes and adjacent petrochem complex.

Of the two refineries under question, the first is the proposed Rs 1.8 lakh crore refinery complex in Maharashtra - which when finished will be the largest in the country.

Asia has become the biggest and most important buyer of crude oil from Saudi Aramco and the oil company wants to secure Asian markets for the long term as it faces competition from suppliers such as Russian Federation and the United States.

India is building a six-million-ton strategic oil reserve.

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It had previously been interested in sett9ing up new greenfield refineries in India but none of the interests materialised. The Indian Oil Corp (IOC) set up the refinery on its own thereafter.

Saudi Arabia's Minister of Energy, Industry & Mineral Resources, H.E. Khalid Al Falih, was presented with the "International Oil Diplomacy Person of the Year 2017" Award at the Energy Institute's International Petroleum (IP) Week on February 22nd in London.

The prestigious Award, which is presented annually by the U.K.'s Energy Institute and Gulf Intelligence, is also in recognition of the leadership displayed by H.E. Al-Falih in guiding some 20 producing countries from around the world to find common objective in cooperation to reach over 100% compliance with cuts and extend the oil supply pact for a second year through to the end of 2018. Also 25 per cent of LPG also comes from the Gulf nation.


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