Saudi Arabia is a key pillar of India’s energy security, being a source of India’s 17% of crude oil and 32% of LPG needs.
RIYADH (Saudi Arabia): Saudi Arabia, the world’s biggest oil exporter, is looking at investing USD 100 billion 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 per cent of crude oil and 32 per cent of LPG requirements of 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 100 billion in the areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining,” Al Sati said in an interview.
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 34 billion will undoubtedly continue to increase.