700 Million Investment Unveiled for Fuel, EV Charging, and Service Initiatives Between Petromin Corporation and HPCL”
Saudi Arabia: At the Saudi-India Investment Forum, Petromin Corporation announced a partnership with Hindustan Petroleum Corporation Limited, commonly referred to as “HPCL,” which is under the ownership of the Ministry of Petroleum and Natural Gas for the Government of India, to develop three strategic areas with an investment of USD 700 million. This strategic alliance, spanning over the next five years, is endorsed by Saudi Arabia’s Ministry of Investment and focuses on three pivotal domains:
Fuel Stations: An MOU has been signed for a USD 500 million investment to inaugurate 500 fuel stations across Saudi Arabia, the Middle East, and Africa.
Service Centers: Petromin Express India, a Petromin subsidiary, collaborates with HPCL with a USD 100 million investment to establish approximately 1,000 vehicle service centers at HPCL retail outlets across India.
EV Charging Units: Another MOU ensures a USD 100 million investment to install and manage 5,000 electric vehicle charging units equipped with high-speed AC and DC chargers, at HPCL-operated stations throughout India.
At the Saudi-India Investment Forum, Mr. Samir Nawar, Managing Director of Petromin Corporation, and Mr. Kalyana Sivagnanam, Group CEO, joined hands with the HPCL team, led by Sandeep Maheshwari, Executive Director of Retail, and Mr. Amit Garg, Director of Marketing, to sign these defining agreements.
Mr. Kalyana Sivagnanam expressed, “This partnership with HPCL marks a new era in sustainable mobility solutions, bridging Saudi Arabia and India, fostering job creation, and facilitating technology transfers.” Echoing his sentiments, Mr. Sanjay Nigam, CEO of Petromin India & SE Asia, said, “Two robust brands converging will undoubtedly inspire confidence among our customers and redefine vehicle maintenance and EV charging in India.”
As part of the subject agreement, Petromin Corporation will inaugurate 20 “HP Petromin Express” service centers on October 16, 2023, in the presence of Saudi and Indian government delegates. HP Petromin Express India’s vision is to establish more than 1,000 state-of-the-art service centers around India.
Petromin Corporation is honored to be part of the KSA Vision 2030 commitment to enhance economic cooperation between Saudi Arabia and India. Petromin and HPCL have agreed on investing in fuel stations throughout KSA and the Middle East with an investment of nearly USD 500 million, which will create significant economic opportunities by creating new job opportunities and career development for the nation of Saudi Arabia.