Saudi Arabia to invest USD 100bn in India

07 October 2019

Saudi Arabia, the oil exporter, is looking at investing USD 100bn in India in areas of petrochemicals, infrastructure, and mining among others, considering the country’s growth potential. 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.

Saudi Arabia to invest USD 100bn in India

Saudi Ambassador Dr. Saud bin Mohammed Al Sati has said India is 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 100bn in the areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals, and mining,” Al Sati said.

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

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 44bn West Coast refinery and petrochemical project in Maharashtra and long term partnership with Reliance represent strategic milestones in our bilateral relationship,” he said.

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