There have been government-to-government discussions for Aramco to pick up the entire government’s stake in state-run refiner Bharat Petroleum Corporation Ltd. This would give the Saudi entity presence in the vast Indian retail market with huge potential for growth.

Indian government is also looking at Aramco’s investment in a $60 billion oil refinery proposed in Maharashtra as well as its investment in oil marketing and retailing in the country. The oil giant is also exploring options to put some of its oil in India’s strategic oil reserve.

Despite the concerns for the oil market, analysts have said Aramco was better prepared to weather market volatility, owing to its size and scale, its low cost of production and solid free cash flow generation in a weak oil price environment. This is good news for its investment plan for Asia.