Saudi Aramco seeks exclusive talks to buy stake in Indian refinery
Photo Credit: Reuters

Oil giant Saudi Aramco wants to enter into exclusive talks with India to buy a stake in the planned 1.2 million barrels per day (bpd) refinery on the South Asian nation's west coast, India's oil minister said on Wednesday.

The proposed talks come as Saudi Arabia seeks to secure customers for its oil amidst a global supply glut.

The country's top refiner Indian Oil Corp will initially hold a 50 percent stake in the project, while Hindustan Petroleum Corp and Bharat Petroleum Corp will own 25 percent each.

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