Riyadh — Saudi Oil Ministry announced on Sunday that Kingdom will be investing over $100 Billion in India’s petrochemicals, infrastructure and mining industries, with a long-term partnerships in key sectors such as oil, gas and mining.
Saudi Ambassador Dr Saud bin Mohammed Al-Sati said that, Saudi Arabia’s biggest oil giant Aramco’s proposed partnership with Reliance Industries Ltd reflects the strategic nature of the growing energy ties between India and Saudi Arabia, Press Trust of India (PTI) reported.
“In this backdrop, Saudi Aramco’s proposed investments in India’s energy sector such as the USD 44 billion West Coast refinery and petrochemical project in Maharashtra and long term partnership with Reliance represent strategic milestones in our bilateral relationship,” Dr. Al-Sati said.
Dr Al-Sati said that under Vision-2030 a significant growth shall take place in trade and business between India and Saudi Arabia in the variety of non-oil sectors in order to reduce Kingdom’s oil dependency.
With the collaboration of India and Saudi Arabia, more than 40 opportunities for joint collaboration and investments across various sectors have been identified between India and Saudi Arabia in 2019, PTI reported.
“There is huge untapped potential available in merchandise trade, particularly in non-oil trade and we are enhancing cooperation in economic, commercial, investment, cultural and technological fields,” the Dr Al-Sati said.
Speaking about the future Saudi-India energy ties, Al-Sati said, “the bilateral energy ties have grown beyond the supply of crude oil, refined products and LPG to a more comprehensive partnership that focusses on investments and joint ventures in petrochemical complexes and cooperation in exploration.”
When asked about Crown Prince’s Vision-2030 Al-Sati said, “Saudi Arabia is working towards transforming its economy and looking at a post-oil age of world-class technological research, start-up and entrepreneurial vigour.”
“The entire development strategy of the kingdom rests on three pillars – to build a vibrant society, a thriving economy and an ambitious nation,” he added.
“The World Bank too has ranked the kingdom as the fourth largest reformer within G20. The number of foreign investment licenses granted in Saudi Arabia in the first quarter of 2018 increased by 130 per cent,” he said.
Speaking about increasing oil supply to India in order to balance the reduction of Iranian oil import, he said, “Saudi Arabia is committed to India’s energy security and will meet any shortfall that may arise due to disruptions from other sources”.
Saudi Arabia is India’s major source of 17 per cent or more of crude oil and 32 per cent of LPG requirements.