In a move that would boost the Indian economy, Saudi Arabia, the world’s biggest oil exporter, has decided to invest $100 billion in India in areas of petrochemicals, infrastructure and mining among others, revealed Saudi Ambassador Dr Saud bin Mohammed Al Sati. He said the country is eyeing long-term partnerships with New Delhi in key sectors such as oil, gas and mining.
“Saudi Arabia is looking at making investments in India potentially worth $100 billion in the areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining,” Al Sati told PTI in an interview. He said Saudi Arabia’s biggest oil giant Aramco’s proposed partnership with Reliance Industries Ltd reflected the strategic nature of the growing energy ties between the two countries.
The ambassador 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 vision 2030 of Crown Prince Mohammed bin Salman will also result in a 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 per cent or more of crude oil and 32 per cent of LPG requirements of India. With the relationship between India and Saudi Arabia has seen new heights after PM Modi came to power. The leaders of both countries share a warm friendship which is considered to be a reason for the country’s new investment plans.