South Asian energy planners are seeking equity partnerships with Middle Eastern sovereign funds to finance a major expansion of India’s downstream oil processing infrastructure.
Last month, Indian Minister of Petroleum and Natural Gas Hardeep Singh Puri stated that major regional energy producers, including Saudi Arabia and the UAE, have expressed strong interest in funding projects within the nation’s refining sector.
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.
Alongside direct refining proposals from regional peers, India is broadening its diplomatic outreach to Qatar to secure institutional capital across the broader energy value chain.
In April 2026, during a two-day official visit to Doha, Puri met Minister of State for Energy Affairs His Excellency Saad Sherida al-Kaabi, who is also president and CEO of QatarEnergy, to discuss strategic relations, trade, investment, and maritime supply chain security.
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, QNA also reported.
To facilitate structured financial flows into new sectors, India and Qatar established the Joint Task Force on Investment (JTFI) to explore commercial opportunities across infrastructure, technology, and energy.
The inaugural meeting of the joint working group took place in New Delhi in June 2024, co-chaired by Ministry of Commerce and Industry Undersecretary Mohammed bin Hassan al-Maliki and India’s Department of Economic Affairs Undersecretary Ajay Seth.
During the meeting, al-Maliki highlighted that bilateral trade volume reached approximately $13.46bn in 2023, positioning India as Qatar’s second-largest trading partner.
At the time, Qatari exports to India consist primarily of LNG, liquefied petroleum gas, chemicals, petrochemicals, plastics, and aluminium products. Indian exports to Qatar include cereals, copper articles, iron and steel products, vegetables, spices, electrical machinery, construction materials, and manufactured textiles, it was reported.
Bilateral economic interaction is further supported by formal financial frameworks, including a Double Taxation Avoidance Agreement (DTAA) signed in April 1999 that came into effect in January 2000 to prevent fiscal evasion and govern income tax rates.
Under the agreement, specific withholding tax rates are set at 10% for interest, royalties, and technical service fees, while dividend withholding tax is set at 5% for corporate holdings of at least 10%.
The institutional framework builds upon a proven track record of Qatari sovereign wealth deployment in Indian utility and power infrastructure assets. The Qatar Investment Authority (QIA) acquired a 25.1% stake in Adani Electricity Mumbai Limited (AEML) in February 2020 for approximately $450mn, establishing an initial operational presence in urban power distribution.
In August 2023, QIA expanded its energy portfolio by acquiring a 2.68% equity stake in Adani Green Energy Limited (AGEL) for approximately $500mn through its subsidiary INQ Holding.
QNA reported that in April this year, Qatar Central Bank Governor His Excellency Sheikh Bandar bin Mohammed bin Saoud al-Thani, who is also chairman of QIA, held a meeting with AGEL executive director Sagar Adani, where they discussed the latest developments in global finance and investment.
According to official reports, India is expected to drive 25% of global energy demand growth over the next two decades, prompting the Ministry of Petroleum and Natural Gas to target sovereign wealth partnerships for refining capital and fuel security.
