Within a few months, Saudi Aramco will sign a contract to establish an oil refinery in the Indian state of Punjab, with a 26 percent stake in the U.S. $ 1.5 billion project. The Indian Embassy in Riyadh reports that the Indian Investment Center (IIC), which recommends foreign investment projects and has endorsed the joint venture between Saudi Aramco and the Hindustan Petroleum Corporation, has submitted the proposal to the Indian cabinet for approval.
Saudi Aramco, for the eighth consecutive year, recently earned first place among more than one hundred international petroleum companies, according to a bulletin of the 'Petroleum Intelligence Weekly', which specializes in affairs of the major petroleum companies. These are classified according to their crude oil and natural gas reserves, production of petroleum and gas, refinery capacity, and sales of refined petroleum products. The report noted that the operations of Saudi Aramco are not confined to the production and sale of petroleum, but include refining, shipping, marketing and retailing of the various petroleum products both inside and outside the Kingdom.
The Kingdom of Saudi Arabia possesses more than one quarter of the world's total oil reserves and the fourth largest reserve of natural gas, a position that it will hold for a century to come on the basis of current production rates. At present about 1.5 million barrels of Saudi crude are exported to foreign refineries where Aramco holds shares, a strategy that has earned sales outlets for the company in the United States, South Korea, the Philippines, and Greece.