September 2020 \ News \ GULF NEWS

The world’s largest oil company Aramco ...

By Subhash Narayan

The world’s largest oil company Aramco remains committed to its investment plan in India, including a $15 billion deal with Reliance Industries, even though Covid-19 pandemic has made life difficult for oil companies with suppressed demand and falling oil prices and wide scale erosion in valuations. Replying to a query from IANS, Aramco said that it remains interested in all its Indian investment plan and will give appropriate updates soon. This would include a proposed $15 billion investment in RIL’s refinery and chemicals business.

Doubts were raised about the investment plan of Saudi Aramco after the oil giant reported a 50 per cent fall in net income for the first half of its financial year, reflecting a devastating year for oil markets and the global economy at large as the world continues to battle the coronavirus pandemic. “Aramco continues to explore potential growth opportunities in Asia including India,” the company said in an email reply. “We are still engaging in discussions with Reliance Industries and will make appropriate updates as and when necessary,” it added. Apart from the Reliance deal, Saudi Aramco has expressed its desire to participate in several other ventures in India, the world’s third biggest oil consumer.