New Delhi: Saudi Arabia is exploring potential investments in Bharat Petroleum Corporation Limited's (BPCL) upcoming refinery project, as part of its broader plan to invest $100 billion in India. 

Sources suggest that the kingdom is considering involvement in BPCL’s new venture, which is still in its early stages and focused on meeting India's growing energy demands. The company is currently in the process of selecting a location for the project.

This potential investment aligns with the 2019 memorandum of understanding signed between Saudi Arabia and India, which outlined the kingdom’s plans to invest across several sectors, including energy. However, much of the proposed funding has yet to materialise. Recent talks between India’s Petroleum Secretary and Saudi officials, including representatives from Aramco, in Riyadh focused on strengthening bilateral cooperation in the oil and gas sectors, reflecting ongoing efforts to bring these investments to fruition.

BI Bureau