Mumbai — Saudi Arabia’s state-owned oil giant has "mega investment" plans for India, the world’s fastest growing oil market, according to Saudi Arabian Oil’s chief executive officer. The company, popularly known as Saudi Aramco, plans to create a fully integrated business in India and is interested in partnering with Indian companies, including in a planned large refinery project on India’s west coast, CEO Amin Nasser said in New Delhi on Monday. "India has all the signs of a prosperous economy that is on the move. This is a market of investment priority and not a choice anymore," Nasser said at the Indian Energy Forum by CERAWeek. "We have a number of partners with whom we are going to have serious discussions." Saudi Arabia has been edged out as the top oil supplier to India amid an intensifying race among producers to retain their most-prized markets. India, which imports about 80% of its crude requirement, has been diversifying its sources of oil supply and is seeking more favou...
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