Kuwait Petroleum eyes stake in Indian refinery

NEW DELHI/DUBAI: Kuwait Petroleum Corp (KPC) aims to pick up a significant stake in Indian Oil Corp’s Paradip refinery and supply about 60 percent of the oil needs of the plant, set to start up later this year, three sources with knowledge of the matter said.

Gulf oil producers want to lock in customers in Asia, which is experiencing a wave of refinery expansion, as the US shale boom has hit demand for their oil in Western economies.

India, the world’s fourth largest oil consumer, imports about 80 percent of its oil needs and plays a growing role as a regional refining hub.

The South Asian nation imports around 16 million tonnes of crude a month.

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