Global oil majors including Saudi Aramco and Total plan to enter the retail fuel market in India, its petroleum minister Dharmendra Pradhan said last week, as the country makes its presence felt on the global crude landscape.
India's fuel markets could be a lucrative prize for the world's oil majors as they seek outlets for their petrol and diesel. India posted the fastest oil demand growth in the world in the first quarter of 2016 and is replacing China as the driver of growth globally, the International Energy Agency says in its latest report.
"Saudi Aramco is eager to enter in Indian market, we are finding ways to help them," Pradhan said in Hindi in a live telecast on a government website. India, the world's fourth-biggest oil consumer, recently offered Saudi Aramco a stake in refineries and petrochemical projects.
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