Saudi Aramco Leading Oil Producer Plans To Acquire 30 Percent OPaL Project Stakes
Waste Management Expo 2020 MAR 12&13 BIEC, Bengaluru, India

Saudi Aramco plans to acquire 30 pc stake in OPaL project

9:37 AM, 28th August 2013
Saudi Aramco Worlds leading Oil Producer

NEW DELHI, INDIA: The world’s biggest oil producer, Saudi Aramco, plans to acquire up to 30 per cent stake with a key management role in a giant petrochemicals project in Gujarat, and is negotiating with ONGC Petro additions Ltd (OPaL) for the stake that can pave the way for the entry into the Indian oil and gas sector.

The proposed deal, currently at an advanced stage, will be mutually fruitful as Middle-East oil suppliers are looking for closer links in large Asian markets, with the American continents likely to depend less on crude oil imports as domestic shale production and deep-sea oil and gas output pick up.

Saudi Aramco’s proposed entry into India and joining hands with state-run ONGC in an equity alliance are significant developments for India’s hydrocarbon sector, which has also attracted global majors BP and BG Group.

© Economic Times News

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


Statoil makes crude oil discovery offshore Canada

STAVANGER, NORWAY: Statoil has made a third discovery of crude oil in the Flemish Pass Basin, offshore Newfoundland. The discovery was made on the Bay ...

Read more
AkzoNobel appoints new head of integrated supply chain, David Allen

AMSTERDAM, THE NETHERLANDS: AkzoNobel appointed David Allen as the company’s new head of integrated supply chain, effective from 1 October 2013. ...

Read more
Technip awarded FEED contract for LNG terminal in Louisiana, US

PARIS, FRANCE: Technip was awarded by Trunkline LNG Export, LLC the front-end engineering and design (FEED) contract for the potential expansion of th ...

Read more
PhosAgro completes the acquisition of OJSC Apatit

MOSCOW, RUSSIA: PhosAgro, a leading global vertically integrated phosphate-based fertilizer producer, has consolidated 100 per cent of OJSC Apatit sha ...

Read more
Jacobs bags CMPC’s chlorine dioxide plant contract in Brazil

PASADENA, US: Jacobs Engineering Group Inc was awarded a contract by CMPC Group’s Celulose Riograndense Ltda for the design and supply of an int ...

Read more
Proteins in insect wings finds use in medicine

WASHINGTON DC, US: The remarkable, rubber-like protein that enables dragonflies, grasshoppers and other insects to flap their wings, jump and chirp ha ...

Read more
www.worldofchemicals.com uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X