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Saudi, India partner to set up two refineries
Business Standard
|April 24, 2025
India and Saudi Arabia have agreed to collaborate on establishing two refineries in India and work together to enhance the stability of global oil markets, according to a joint statement issued on Wednesday.
The two nations also agreed to enhance cooperation in the supply of crude oil and its derivatives, including LPG, according to a statement, which was issued after Prime Minister Narendra Modi on Tuesday cut short his visit to Saudi Arabia following the Pahalgam terror attack.
In 2023-24, Saudi crude made up for 14.3 per cent of India's total crude oil imports, while the Kingdom was the third largest source of Liquified Petroleum Gas (LPG) for India, accounting for almost 18 per cent of the total LPG shipments to India.
India has agreed to work with the Kingdom to enhance the stability of global oil markets and to balance global energy market dynamics. "They emphasised the need to ensure security of supply for all energy sources in global markets," the statement said.
This story is from the April 24, 2025 edition of Business Standard.
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