India and Saudi Arabia will set up a joint task force to explore early implementation of the west coast refinery project for which the Arabian nation will invest USD 50bn. A monitoring committee will also be created to ensure that the progress is as per plan.
At the first India-Saudi Arabia Strategic Partnership Council meeting, both countries agreed to diversify their hydrocarbon relationship into a comprehensive energy partnership. It was chaired by Prime Minister Narendra Modi and Saudi Arabia’s Crown Prince and Prime Minister Mohammed bin Salman Al Saud.
Secretary (CPV and OIA) Ausaf Sayeed said that both sides agreed to diversify the hydrocarbon relationship into a comprehensive energy partnership.
Both countries have extended full support to the early implementation of the west coast refinery project, which is a trilateral partnership between Saudi oil giant Aramco and Indian Oil Marketing Companies (OMCs), for which USD 50bn is already earmarked, he added.
The two sides have agreed to set up a joint task force to help in identifying and channelising the USD 100bn investment promised by the Saudi side, half of which is for the refinery, and also to create a monitoring committee to ensure that the progress in the refinery project is as per plans laid out by both nations.