Saudi push into Indian refining is stalling over crude supply

RIYADH: Saudi Arabia’s progress in securing investment in two oil refineries in India is being held back by a lack of consensus around crude supply, according to people familiar with the matter.

The nations agreed last month to collaborate on the two plants, as the largest oil exporter seeks to tap a massive market that will help drive global demand growth. But the early-stage discussions have stalled as Saudi negotiators push to supply half of the crude needed by the processors at official selling prices that are often above market rates, the people said, declining to be named due to the sensitivity of the talks.