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India-Saudi Arabia relations
Why is it in news?
- India invited Saudi Arabia to invest in its strategic oil storage even as it looks to resurrect a $44 billion (Rs. 3.08 lakh crore) refinery project with the world’s largest oil producer after the Maharashtra government denied land at the initial site.
More in news
- Mega oil refinery-cum-petrochemical complex: Saudi Oil Minister Khalid Al Falih, on his second visit to India in three weeks, discussed with his Indian counterpart Dharmendra Pradhan the 60-million-tonne (MT)-a-year mega oil refinery-cum-petrochemical complex.
- Review proposals: The [two] Ministers reviewed various Saudi investment proposals in the Indian oil and gas sector, including the urgent steps to be taken to expedite the implementation of the first joint venture West Coast Refinery and Petrochemical Project in Maharashtra, estimated to cost $44 billion, which will be the largest greenfield refinery in the world.
- India’s current storage capacity status: India has built 5.33 MT of emergency storage, enough to meet its oil needs for 9.5 days, in underground rock caverns in Mangalore and Padur in Karnataka and Visakhapatnam in Andhra Pradesh.
Source
The Hindu