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Minister of Energy, Industry and Mineral Resources of Saudi Arabia and India’s richest industrialist Mukesh Ambani discussed joint investment projects in petrochemicals, oil refinery and telecom. Khalid Al-Falih who had attended the pre-wedding festivities of Ambani’s daughter in Udaipur earlier this month held the talks with Mukesh Ambani at the venue.
Khalid al-Falih in an Arabic tweet said: “ I was delighted today to meet with Mr Mukesh Ambani, chairman of Reliance Indian Industries Co. Ltd. #RelianceIndustries, where we discussed opportunities for joint investments and cooperation in petrochemical, refining and communications projects in Saudi Arabia and India.”
Saudi Arabia government, on numerous occasions, has shown interest to invest in the fastest growing consumer market in the world. The biggest oil company in the world, Saudi Aramco along with its partner Abu Dabhi National Oil Co. (Adnoc) have already secured 50% stake in a planned US$ 44 billion Ratnagiri refinery in Maharashtra.
The two Saudi oil giants will together hold 50% stake in the 60 million tonnes per annum (MTPA) refinery and adjacent 18 MPTA petrochemical complex planned to be built at Ratnagiri district of Maharashtra by 2025. The two will supply half of the crude oil required for processing at the refinery.
