Saudi Aramco, the world’s biggest oil exporter, has said it was focusing its downstream investments in high-growth nations such as India as it negotiates a deal to buy up to a 20 per cent stake in Reliance Industries’ $75-billion oil-to-chemical business.

In its latest annual report, Aramco said it was looking at investment opportunities in high-growth markets as well as nations that rely on importing crude oil.

India is the world’s fastest-growing energy market with fuel consumption rising at 4-5 per cent annually. It also relies on imports to meet 83 per cent of oil needs.

Saudi Arabia is its second-biggest oil supplier, exporting close to a fifth of the oil sourced from abroad.

“Saudi Aramco is focusing its downstream investments in areas of high growth, including China, India and Southeast Asia, material demand centers such as the United States, and countries that rely on importing crude oil, such as Japan and South Korea,” the firm said in its annual report.

Besides, the integration of the firm’s upstream and downstream segments provides a unique opportunity for Aramco to secure crude oil demand by selling to refineries designed specifically to economically process Arabian crude.

Billionaire Mukesh Ambani had in August last year announced initial agreements to sell a 20 per cent stake in the oil-to-chemical business to the Saudi national oil company.