Saudi Arabia plans investments worth $100 bn in India

      Published on Monday, 30 September , 2019      188 Views     
Saudi Arabia plans investments worth $100 bn in India

  • Business

Saudi Arabia, the world’s biggest oil exporter, is looking at investing USD 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 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 USD 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 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 USD 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 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.


Category Business | 2019/09/30 latest update at 6:49 PM
Source : Internet | Photocredit : Google
189 Views
Comments Add comment



Gulf Media

Related Articles

The editorial staff of Saudi Arabia Today would like to give all of its readers from Gulf and Saudi Arabia and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Saudi Arabia Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Saudi Arabia, the Gulf and the world.


Sponsored Publications



Saudi Arabia, Palestinians Agree on Joint Business Council Events

Saudi Arabia, Palestinians Agree on Joint Business Council

Saudi Arabia and the Palestinians agreed on Thursday to establish a joint economic committee and a business council,…

Pakistani Prime Minister Imran Khan in Riyadh after Tehran visit Government

Pakistani Prime Minister Imran Khan in Riyadh after Tehran visit

Pakistani Prime Minister Imran Khan met Saudi Arabia’s King Salman on Tuesday, Saudi state media reported, two days…

What did Putin gift King Salman and Sheikh Mohamed Bin Zayed? King

What did Putin gift King Salman and Sheikh Mohamed Bin Zayed?

On his visit to Saudi Arabia and UAE this week, the Russian President brought along a rare and expensive gift…

Bodyguard to Saudi king reportedly shot dead by friend King

Bodyguard to Saudi king reportedly shot dead by friend

A prominent bodyguard to Saudi Arabia’s King Salman bin Abdulaziz Al Saud has been shot and killed in…

GULF TV

Popular in GULF TV

PIRELLI “DREAMING” – THE CAL 2019 making of Full Version | Fashion Channel

2432 Views

A photographic tale of the aspirations of four women and their determination to achieve their goals, each one…

Latest videos in GULF TV

Events

Lifestyle

Culture

Sport

Science & Technology

Government