Saudi Arabia to invest $100 billion in India
NEW DELHI: 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 Arabia’s Ambassador to India Dr Saud bin Mohammed Al Sati has said India is an attractive investment destination for the kingdom and it is eyeing long-term partnerships with New Delhi in key sectors such as oil, gas and mining, international media reported.
"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.