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IOC in talks with Saudi Aramco on downstream investments: Report

Indian Oil Corporation (IOC) is reportedly in talks with Saudi Aramco on downstream investments, including a mega project on its west coast, which could help the Organization of the Petroleum Exporting Countries (OPEC) member lock-in customers amid an oil supply glut.

Oil producers are targeting growing demand in Asia to boost market share after rising US shale oil output has displaced some of their supplies.

Meanwhile, India, the world’s third biggest oil consumer, is planning to build a 1.2 million barrels per day (bpd) refinery to petrochemical project in the country’s west coast to feed its growing fuel demand.

IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.

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