Saudi Arabia is to nearly double crude oil shipments to India and is to consider the enhancement of joint projects, as India attempts to increase supply for planned refineries.
At a meeting with Murli Deora of India’s Oil Ministry, Ali al Naimi, oil minister for Saudi, agreed to raise crude supply to the country to 40 million tonnes per year.
Indian Prime Minister Manmohan Singh is currently on a n official visit to Saudi Arabia, with the aim of securing greater crude supplies and bolstering security ties.
Al Naimi expressed in the meeting Saudi Arabia’s “desire and readiness for providing India with its present and future needs of oil,” according to the state run Saudi Press Agency.
India is seeking to increase supply for three refinery projects at Paradip, Bhatinda and Bina, the ministry has said.
Increasing imports from Saudi Arabia, would take India’s crude oil intake from Arabian Gulf countries to approximately 866,000 barrels of oil per day.
