In today's time, many company's and countries are
investing in India, which is a very good sign for us. Relations in other
fields is also becoming better. Just few days ago, a news stats that Saudi Arabia is
investing US $100 billion in India in the fields of oil,gas and mining. As we
know that, Saudi Arabia has been a big supplier of crude oil and LPG gas from the beginning. They produce almost 17% of Crude oil and 32% of LPG gas in a year around Globe.
Saudi Arabia ambassador has said in his interview - "Saudi Arabia is looking at making investments in India potentially worth US $100 billion in the areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining."
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| Oil and Gas Business in Saudi Arabia |
Saudi
Arabia's biggest oil giant Aramco's proposed partnership with Reliance
Industries Ltd reflected the strategic nature of the growing relations
between both the nation's. Saudi Aramco's proposed investments in India's energy
sector such as the US $44 billion in West Coast refinery and petrochemical project
in Maharashtra and long term partnership with Reliance represent strategic
milestones in their bilateral relationship. Saudi prince has said that it will also result into
good relation in trade in other sector.
This
investment is a big deal for India. India's invitation to Saudi Arabia to
invest in its strategic petroleum reserve reflects the trust and goodwill the
two countries share.
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| Oil Refineries |
This move is
expected to attract leading global innovators and investors to live and work in
Saudi Arabia, and help drive the private sector growth needed to realize the
goals set out in Saudi Vision 2030.
Both the countries have expectations
with this move for the betterment of their country.
By Gaurav Singh
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