Gulf countries, Qatar keen on investing in India's refining sector

New Delhi: While major energy producers in the Gulf, including Saudi Arabia and the UAE, have expressed strong interest in funding oil refinery projects in India, New Delhi is also looking at sourcing more investment from Qatar, according to an article.

The initiative supports India’s plan to increase national refining capacity from 5.4mn barrels per day (bpd) to over 6.2mn bpd to meet rising domestic fuel requirements, according to the article in the Gulf Times.

The article highlights that India is also broadening its diplomatic outreach to Qatar to secure institutional capital across the broader energy value chain.

In April, during a two-day official visit to Doha, India’s Minister of Petroleum and Natural Gas Hardeep Singh Puri met Qatar’s Minister of State for Energy Affairs Saad Sherida al-Kaabi, who is also President and CEO of QatarEnergy, to discuss strategic relations, trade, investment, and maritime supply chain security, it noted.

During the meeting, both officials reaffirmed bilateral energy cooperation while stressing the necessity of maintaining stability in global fuel supplies and ensuring unhindered maritime commerce during regional disruptions, according to state-run Qatar News Agency (QNA).

While trade between the two nations has historically been anchored by long-term liquefied natural gas (LNG) supply agreements, bilateral dialogue is increasingly focusing on mutual equity participation in processing assets, the website of the Indian Embassy in Qatar stated.

Long-term gas trade remains a central pillar, highlighted by Petronet LNG’s 20-year contract extension in 2024 to purchase 7.5mn tonnes of LNG annually from QatarEnergy through July 2028 and beyond.

Finance Minister Nirmala Sitharaman held a discussion on September 29 with her Qatar counterpart Ali bin Ahmed Al Kuwari on the implementation of the $10 billion Qatari investment commitment in India and finalisation of the Bilateral Investment Treaty.

At the meeting held on the sidelines of the AIIB 2026 annual meeting in Doha, the two Finance Ministers also discussed the expansion of Indian UPI payments across Qatar and the Gulf nation’s engagement with the National Infrastructure and Investment Fund of India, according to a Finance Ministry statement.

The ministers also discussed the Double Taxation Avoidance Agreement as a strengthened framework for trade, investment and tax certainty between the two countries.

The Finance Minister appreciated the excellent arrangements for the AIIB Annual Meeting. She recalled India’s recent engagements with Qatar’s leadership, which elevated India-Qatar bilateral relations to a "strategic partnership".

Al Kuwari thanked the Indian community for being part of the success story of Qatar. He looked forward to bigger opportunities for strengthening trade, finance and investment relations between the two countries, the statement added.

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