Saudi Aramco said on Wednesday that investing in India is a priority for the company, and it expects the country’s oil demand to rise to 8.2 million barrels per day by 2040.
“India is an investment priority for Saudi Aramco,” CEO Amin Nasser said at a panel discussion in New Delhi.
Nasser is part of the entourage travelling with Saudi Arabia’s Crown Prince Mohammed bin Salman, who is in India for a one-day visit.
The prince, known as MBS, is in India along with leading Saudi businessmen and company representatives at the invitation of Prime Minister Narendra Modi.
Nasser said India currently buys about 800,000 barrels a day of Saudi Arabian oil.
“India looking for stronger ties with Saudi,” said Sanjiv Singh, chairman of India Oil Corp Ltd, India’s biggest state-owned crude oil refiner.
The panel discussion was also attended by SABIC, a unit of Aramco and the world’s fourth-largest petrochemicals maker.