September 30, 2019 [Business Line] – Saudi Arabia, the world’s biggest oil exporter, is looking at investing $100 billion in India in sectors such as petrochemicals, infrastructure and mining, considering the country’s growth potential.
Saudi Ambassador Dr Saud bin Mohammed Al Sati 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.
“Saudi Arabia is looking at making investments in India potentially worth $100 billion in the areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining,” Al Sati told PTI in an interview.
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.
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.
“In this backdrop, Saudi Aramco’s proposed investments in India’s energy sector such as the $44 billion West Coast refinery and petrochemical project in Maharashtra and long-term partnership with Reliance represent strategic milestones in our bilateral relationship,” he said.
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