Petromin Corporation KSA announced a USD 700 million investment in three important locations in collaboration with Hindustan Petroleum Corporation Limited (HPCL).

The announcement was made at the India Invest Forum, which was co-hosted by the Saudi Ministry of Investment at the G20 Summit in New Delhi.

Petromin Express India, a subsidiary of Petromin Corporation, KSA, will collaborate with HPCL to invest around USD 100 million in the establishment of approximately 1,000 vehicle servicing centres at HPCL retail shops in India.

Under the MoU, Petromin Express India will invest around USD 100 million with the goal of installing and operating up to 5,000 Electric Vehicle charging units at HPCL-operated stations throughout India. These charging stations will offer both high-speed DC chargers and AC chargers as well.

The investment will be made in partnership with Hindustan Petroleum Corporation over the next 5 years.

At the recently concluded India-Saudi Arabia Investment Summit, three definitive agreements were signed between the Petromin Corporation team led by Samir Nawar, Managing Director, Petromin Corporation, KSA and Kalyana Sivagnanam, Group CEO, and the HPCL team led by Sandeep Maheshwari, Executive Director - Retail and Amit Garg - Director Marketing.