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Petromin Corporation inks agreements with HPCL to invest USD 700 mln

Wednesday, 20 Sep 2023
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Petromin Corporation will invest USD 700 million through its partnership with Hindustan Petroleum Corporation (HPCL) in three strategic areas. The announcement regarding the three agreements was made at the India Invest Forum organised with Saudi Arabia's Ministry of Investment at the G20 Summit, New Delhi.

Under the MoU, Petromin Express India,  a subsidiary of Petromin Corporation will invest around USD 100 million to install and operate up to 5,000 electric vehicle (EV) charging units at HPCL-operated stations across India. These charging stations will offer both high-speed DC chargers and AC chargers. This will pave the way for a strong vehicle maintenance network and EV charging network in India. The investment will be made over the next five years.

These include setting up fuel stations, and Petromin Express workshops, EV charging stations in India and fuel stations across the Middle East and Africa. The move is expected to create new employment opportunities, drive further investments, and facilitate transfer of technology between Saudi Arabia and India.

Petromin is the leading Saudi mobility solutions player in automotive technology, multi-modal mobility, and transportation segment, which covers the entire automotive journey of the customer.

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