Saudi Arabia to invest $100B in India

PTI/New Delhi
Filed on September 29, 2019 | Last updated on September 29, 2019 at 09.26 pm
Saudi Arabia to invest $100B in India
Saudi Arabia is eyeing long-term partnerships with India, its ambassador revealed.

Energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining among sectors being eyed

Despite reeling from the impact of the worst-ever attacks on its oil installations, Saudi Arabia has said that it is looking at investing $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 attractive investment destination for the kingdom and it is eyeing long-term partnerships with New Delhi in key sectors like oil, gas and mining.

"Saudi Arabia is looking at making investments in India potentially worth $100 billion in the areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining," Al Sati told PTI in an interview.

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

He said oil giant Aramco's proposed partnership with Reliance Industries 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 $44 billion West Coast refinery and petrochemical project in Maharashtra and a long term partnership with Reliance, represent strategic milestones in our bilateral relationship," he said.

The envoy said 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.

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