World's largest oil exporter Saudi Arabia and richest Indian Mukesh Ambani-run Reliance Industries are discussing joint investment in petrochemicals and refinery projects, the Saudi Oil Minister Khalid al-Falih said. At the meeting "we discussed opportunities for joint investments and cooperation in petrochemical, refining and communications projects." Reliance operates two refineries at Jamnagar with a total capacity of 68.2 million tonnes per annum. India has a refining capacity of 247.6 million tonnes, which exceeded the demand of 206.2 million tonnes. According to the International Energy Agency (IEA), this demand is expected to reach 458 million tonnes by 2040.

Source: dna December 18, 2018 08:37 UTC