India's growing oil trade with Arab nations

[Ingis]

Bharat Oman Refinery inaugurated

Oman Oil Company (OOC) and Bharat Petroleum Corporation Ltd (BPCL) yesterday celebrated the official inauguration of Bharat Oman Refinery Ltd (BORL) under the auspices of Indian Prime Minister Dr Manmohan Singh. The event was also attended by Humaid al Maani, Ambassador of the Sultanate to India and OOC board members.
The BORL is a joint venture company formed by BPCL and OOC to develop a 6 MMTPA (120,000 BPSD) refinery in the state of Madhya Pradesh in India. The refinery includes related crude oil import facilities and a 935-km pipeline to transport crude oil from western coast of India in Vadinar, Gujarat to Bina. The ultra-modern‎refining facilities have been developed to allow top quality petroleum products to be available in the central parts of India as well as adjoining areas.

The total cost of the project is Rs. 11,397 crore ($2.4 billion) and the OOC has 26 per cent equity in refinery. BORL is considered the second largest business joint-investment between Oman and ‎India. Commenting on the event, Ahmed bin Salim al Wahaibi, CEO of OOC said, “We are very proud to be associated with one of India’s major refinery projects. The project exhibits OOC's commitment towards diversifying its investment portfolio and further positions OOC in one of the world’s most rapid growth markets. BPCL is a well-recognised company in the refining and petrochemical business with strong ‎ experience in developing and operating large scale projects.

“We look forward to strengthening our relationship with Bharat ‎Petroleum in developing further business opportunities in India and outside India.”

Meanwhile, R K Singh, the Chairman of BORL said, “The Bina-based refinery is equipped with world class technology to produce environment friendly EURO IV and EURO V fuels. The project established at a minimum investment of a little over 2 billion US $ has bottom up gradation facility to ensure yield maximisation. The Refinery has an assured off take, since it will meet the demand of high quality fuel in markets with deficit supply. Bina Refinery has the flexibility to process all types of crude.” — ONA

Bharat Oman Refinery inaugurated | Oman Observer

----------------------------------------------------------

In related news, India's MRPL recently decided to increase its purchase of oil from Kuwait and KSA by 40,000 barrels of oil per day and from Abu Dhabi by 30,000 barrels of oil per day.

UPDATE 1-India's MRPL widens crude slate, buys oil from Kuwait | Energy & Oil | Reuters

----------------------------------------------------------

India relies heavily on Arab nations for oil. Saudi Arabia is India's largest oil supplier while Iraq is third largest and Kuwait fourth largest.

India in talks with Indonesia, Kuwait for LNG supply - Economic Times

 

[Avishek]

Good we need to have our energy resources secured for our economic growth

 

[jha]

Buying Oil from Arab nations has other perks too..More we buy from them ( and keep securing other resources in the meantime ) and encourage them to invest in India, better will our relationship with them ..