In view of the huge growth potential of the Indian economy, Saudi Arabia is contemplating investing $100 billion in India's infrastructure, mining and petrochemicals sectors. Dr Saud bin Mohammed Al Sati, Saudi Ambassador in India, said that India has become an attractive investment destination for Saudi Arabia and it is eyeing long-term partnerships with New Delhi in key sectors. Saudi Arabia's biggest oil giant Aramco's proposed partnership with Reliance Industries reflects the strategic nature of the growing energy ties between the two countries. 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 partnership with Reliance represent strategic milestones in its bilateral relationship.
📅Published on:
30 September 2019
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