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 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 Indiapotentially worth USD 100 billion in the areas of energy, refining,petrochemicals, infrastructure, agriculture, minerals and mining," Al Sati toldin an interview. He said Saudi Arabia's biggest oil giant Aramco's proposedpartnership with Reliance Industries Ltd reflected the strategic nature of thegrowing energy ties between the two countries.
The envoy said investing in India's value chain from oilsupply, marketing, refining to petrochemicals and lubricants is a key part ofAramco's global downstream strategy. Inthis backdrop, Saudi Aramco's proposed investments in India's energy sectorsuch as the USD 44 billion West Coast refinery and petrochemical project inMaharashtra and long term partnership with Reliance represent strategicmilestones in our bilateral relationship," he said.
The envoy said the vision 2030 of Crown Prince Mohammed bin Salman would also result in significant expansion of trade and business between India and Saudi Arabia in diverse sectors. Under vision 2030, Saudi Arabia plans to diversify the Saudi economy while reducing its economic dependence on petroleum products.
Saudi Arabia is a key pillar of India's energy security, being a source of 17 percent or more of crude oil and 32 percent of LPG requirements of India.
The envoy said more than 40 opportunities for jointcollaboration and investments across various sectors have been identifiedbetween India and Saudi Arabia in 2019, adding the current bilateral trade ofUSD 34 billion will undoubtedly continue to increase.
"There is huge untapped potential available in merchandisetrade, particularly in non-oil trade and we are enhancing cooperation ineconomic, commercial, investment, cultural and technological fields," the envoysaid.
On future energy ties with India, he said the bilateralenergy ties have grown beyond the supply of crude oil, refined products and LPGto a more comprehensive partnership that focuses on investments and jointventures in petrochemical complexes and cooperation in exploration.
"India's invitation to Saudi Arabia to invest in itsstrategic petroleum reserve reflects the trust and goodwill the two countriesshare," he said.
Talking about 'Vision 2030', Al Sati said Saudi Arabia isworking towards transforming its economy and looking at a post-oil age ofworld-class technological research, start-up and entrepreneurial vigor. Theentire development strategy of the kingdom rests on three pillars – to build avibrant society, a thriving economy and an ambitious nation," he said.
"The World Bank too has ranked the kingdom as the fourth largest reformer within G20. The number of foreign investment licenses granted in Saudi Arabia in the first quarter of 2018 increased by 130 percent," he said.
"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," he added.
OPEC (Organization of the Petroleum Exporting Countries) is a 14-nation powerful bloc of oil-producing countries.
