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SAUDI ARABIA INVESTING US $100 BILLION IN INDIA



Saudi Arabia Oil


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."

Oil and Gas Companies in Saudi Arabia
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. Asked whether Saudi Arabia will increase oil supply to India to address the shortfall due to curb on import of oil from Iran, the envoy said his country is committed to India's energy security and will meet any shortfall that may arise due to disruptions from other sources

Oil Refineries in Saudi Arabia
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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