Saudi Aramco, Total Eye Indian Fuel Retailing Space

Saudi Aramco and Total have shown interest in setting up pumps to retail fuel in India, one of the fastest growing markets in the world, Press Trust of India has reported.  

"Saudi Aramco and Total are interested in getting into our domestic market. They are welcome to invest within our conditions," oil minister Dharmandra Pradhan said.

To set up fuel retailing business in India, companies have to invest a certain amount in oil and gas infrastructure - refineries, exploration and production, pipelines or terminals.

While Total has a stake in Shell-operated LNG import terminal at Hazira in Gujarat which it can show to claim the retail license, the national oil company of Saudi Arabia so far has not invested any money in infrastructure in India, Press Trust reported.

Pradhan said his ministry is looking at ways of helping the Saudi state owned firm.

Saudi Arabia is the biggest supplier of crude to the world's fourth-biggest oil consumer, India.

Currently the fuel retailing space is dominated by state-owned fuel retailers Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL).