On Prime Minister Narendra Modi’s visit to Saudi Arabia, India has partnered with Saudis about crude oil production. Indian Oil companies have signed deal with Saudi oil company Adenoc for $ 600 million (about Rs 3855 crore).
Under this, these companies have been given a 10 percent stake in the Lojar Junkum field. This share will not only satisfy the demand of the country’s growing energy, but it can also prove beneficial for the common man.
Government Petroleum Corporation, subsidiary of ONGC Videsh, Indian Oil Corp and Bharat Petroleum Corporation, has contributed this deal. Under this deal, these companies have bought a 10 percent stake in Oil Field, located in Abu Dhabi, Adnock, by paying $ 600 million (about Rs 3855 crore). This is the first time that Indian companies have made such a big deal on Saudi land.