Prime Minister Narendra Modi is slated to visit Saudi Arabia at its third edition of Future Investment Initiative, an annual investment forum on October 29 under the theme What Is Next for Global Business’.

“Saudi Aramco is likely to formally announce interest in BPCL strategic stake sale during the prime minister’s visit to Saudi Arabia” said a source on condition of anonymity.

CNBC-TV18 also learns that Indian Oil Corporation (IOC) is likely to sign a joint venture with a Saudi Arabia based transportation company Al Jeri for setting up fuel retail business in the region.

The government of India and Saudi Arabia officials are also finalising terms and conditions for crude supply to India for its strategic petroleum reserve during the PM’s visit.

“Terms and conditions for crude supply to India from Saudi Arabia is being discussed as India is looking for a crude supplier which can also build the strategic petroleum reserve for India’s future need” said a source privy to the discussion.

In 2018, the cabinet approved establishment of additional 6.5 MT capacity strategic petroleum reserve for its future requirements. As of now only UAE based ADNOC is partner to India for crude supply for one of the strategic reserve in Karnataka.

First Published:Oct 24, 2019 1:42 PM IST