Saudi Aramco is in discussions to invest in two planned refineries in India. The company intends to supply oil equivalent to three times its stake in each project and aims to market its share of production either in India or via exports.

The company is particularly eyeing BPCL’s refinery in Andhra Pradesh and ONGC’s refinery in Gujarat. Both nations are working toward an agreement before Indian Prime Minister Narendra Modi’s scheduled visit to Saudi Arabia in the second quarter of 2025. ONGC is engaged in the exploration, development, and production of crude oil, natural gas, and value-added products. Saudi Aramco seeks to establish a stable crude oil outlet in India. 

BPCL is primarily involved in the refining of crude oil and the marketing of petroleum products, operating refineries in Mumbai and Visakhapatnam, alongside LPG bottling and lube blending plants. Its marketing infrastructure comprises a vast network of installations, depots, aviation service stations, retail outlets, and LPG distributors.