Saudis to invest 100 billion dollars in India

Saudis to invest 100 billion dollars in India


Saudi Arabia, the world’s biggest oil exporter, is looking at investing 100 billion dollars in India in areas of petrochemicals, infrastructure and mining among others, considering its growth potential.

The Saudi Ambassador, Dr Saud bin Mohammed Al Sati, has said India is an an attractive investment destination for Saudi Arabia 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 dollars in the areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining,' Mr.  Al Sati said.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.he 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 dollar West Coast refinery and petrochemical project in Maharashtra and long term partnership with Reliance represent strategic milestones in our bilateral relationship,' he said.

The envoy 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.