Saudi Arabia to invest big in India`s oil sector |
The energy ties between India and Saudi Arabia are on an upswing in the last few year, Owing to the recent visit of the Crown Prince of Saudi Arabia, the world`s largest oil exporter is now ready to make India regional hub for oil supply. Riding on the strong wave of strengthening relations between India and Saudi-Arabia, right after the Crown Prince`s visit Saudi Arabia is looking at making India a regional hub for supply of crude oil and will invest billions of dollars in the country to build storage facilities and strengthen refineries. Saudi Arabia is the world`s biggest oil exporter, and will also invest in downstream assets in India besides helping the country boost its infrastructure in the petrochemical sector, Saudi Arabia`s foreign minister, Adel bin Ahmed Al-Jubeir said. The foreign minister, who was part of Saudi Crown Prince Mohammed Bin Salman`s delegation to India, said his country looks at India as a rising economic power with huge potential to grow further. World`s top oil exporter Saudi Aramco will also set up a joint venture project to set up a refinery in Maharashtra at a cost of 44 billion USD. This will be the largest greenfield refinery in the world to be implemented in one phase. The Saudi foreign minister also said his country was committed to meeting India`s oil demand and ready to sell more crude oil to India.
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