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Saudi Arabia extends olive branch to India

JADAH: Saudi Arabia, the world’s biggest oil exporter, is looking at investing $100 billion in India in areas of petrochemicals, infrastructure and mining among others, considering the country’s growth potential.
Saudi Ambassador 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 such as oil, gas and mining.
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.
Notably, the envoy 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.
On future energy ties with India, he said the bilateral energy ties have grown beyond the supply of crude oil, refined products and LPG to a more comprehensive partnership that focuses on investments and joint ventures in petrochemical complexes and cooperation in exploration.
“India’s invitation to Saudi Arabia to invest in its strategic petroleum reserve reflects the trust and goodwill the two countries share,” he said.
Talking about ‘Vision 2030‘, Al Sati said KSA is working towards transforming its economy and looking at a post-oil age of world-class technological research, start-up and entrepreneurial vigour.
In brief, the envoy also talked about Saudi Arabia’s new residency permit scheme for qualified international expatriates.

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