Saudi plans to in­vest $100bn in In­dia’s oil, infra sec­tors

The Times of India (New Delhi edition) - - Times Nation -

New Delhi: Saudi Ara­bia, the world’s big­gest oil ex­porter, is look­ing to in­vest $100 bil­lion in In­dia in ar­eas of petro­chem­i­cals, in­fra­struc­ture and min­ing among oth­ers, con­sid­er­ing the coun­try’s growth po­ten­tial.

Saudi am­bas­sador Dr Saud bin Mo­hammed Al Sati has said In­dia is an an at­trac­tive in­vest­ment des­ti­na­tion for Saudi Ara­bia and it is eye­ing longterm part­ner­ships with New Delhi in key sec­tors such as oil, gas and min­ing.

He said Saudi Ara­bia’s big­gest oil gi­ant Aramco’s pro­posed part­ner­ship with Re­liance In­dus­tries Ltd re­flects the strate­gic na­ture of the grow­ing en­ergy ties be­tween the two coun­tries.

The en­voy said in­vest­ing in In­dia’s value chain from oil sup­ply, mar­ket­ing, re­fin­ing to petro­chem­i­cals and lu­bri­cants is a key part of Aramco’s global down­stream strat­egy.

“In this back­drop, Saudi Aramco’s pro­posed in­vest­ments in In­dia’s en­ergy sec­tor such as the $44 bil­lion West Coast re­fin­ery and petro­chem­i­cal project in Ma­ha­rash­tra and long term part­ner­ship with Re­liance rep­re­sent strate­gic mile­stones in our bi­lat­eral re­la­tion­ship,” he said. The en­voy said the 2030 vi­sion of Crown Prince Mo­hammed bin Sal­man will also re­sult in sig­nif­i­cant ex­pan­sion of trade and busi­ness be­tween In­dia and Saudi Ara­bia in di­verse sec­tors.

Un­der vi­sion 2030, Saudi Ara­bia plans to diver­sify the Saudi econ­omy while re­duc­ing its eco­nomic de­pen­dence on pe­tro­leum prod­ucts. Saudi Ara­bia is a key pil­lar of In­dia’s en­ergy se­cu­rity, be­ing a source of 17% or more of crude oil and 32% of LPG re­quire­ments of In­dia.

The Saudi am­bas­sador said more than 40 op­por­tu­ni­ties for joint col­lab­o­ra­tions and in­vest­ments across var­i­ous sec­tors have been iden­ti­fied be­tween In­dia and Saudi Ara­bia in 2019, adding the cur­rent bi­lat­eral trade of $34 bil­lion will un­doubt­edly con­tinue to in­crease.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.