India seeks Middle East investments to boost oil refining capacity
India is exploring equity partnerships with Middle Eastern sovereign funds to expand its oil refining capacity. Indian Minister of Petroleum and Natural Gas Hardeep Singh Puri announced that major energy producers like Saudi Arabia and the UAE have shown strong interest in funding refining projects. India aims to increase its refining capacity from 5.4 million barrels per day (bpd) to over 6.2 million bpd to meet rising domestic fuel demands.
During a visit to Doha in April 2026, Puri met with Qatar's Minister of State for Energy Affairs HE Saad Sherida al-Kaabi to discuss energy cooperation, trade, investment, and maritime supply chain security. Both officials emphasized the importance of maintaining global fuel supply stability and unhindered maritime commerce. The dialogue also focused on mutual equity participation in processing assets, expanding beyond long-term liquefied natural gas (LNG) supply agreements.
India and Qatar have established the Joint Task Force on Investment (JTFI) to explore commercial opportunities across infrastructure, technology, and energy. Bilateral trade between the two nations reached approximately $13.46 billion in 2023, with Qatar being India's second-largest trading partner. Key exports from Qatar include LNG, chemicals, and petrochemicals, while India exports cereals, iron and steel products, and textiles.
Qatar has a proven track record of investing in Indian utility and power infrastructure assets. The Qatar Investment Authority (QIA) acquired a 25.1% stake in Adani Electricity Mumbai Limited (AEML) in 2020 and expanded its energy portfolio by acquiring a 2.68% equity stake in Adani Green Energy Limited (AGEL) in 2023. India is expected to drive 25% of global energy demand growth over the next two decades, prompting the Ministry of Petroleum and Natural Gas to seek sovereign wealth partnerships for refining capital and fuel security.