Saudi bets big on India, hopes to invest $100 bn |
Saudi Ambassador Dr. Saud bin Mohammed Al Sati has said India is an attractive investment destination for Saudi Arabia and the Kingdom is eyeing long ¬term partnerships with New Delhi in key sectors such as oil, gas and Mining. He said, "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." 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. The ambassador 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 percent of LPG requirements of India.
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