NEW DELHI: To offset Pakistan’s influence, Indian PM Narendra Modi seekstrategic partnership with Saudi Arabia.
Prime Minister Narendra Modi said on Tuesday Saudi Arabia will invest indownstream oil and gas projects in India as part of a strategic partnershipbetween the two countries, a move that would also help the world’s top oilexporter find a stable outlet for its crude.
Modi, who is on a two-day visit to Riyadh to participate in an investorsummit, will meet King Salman bin Abdulaziz Al Saud and Crown PrinceMohammed bin Salman later on Tuesday.
“From a purely buyer-seller relationship, we are now moving toward a closerstrategic partnership that will include Saudi investments in downstream oiland gas projects,” Modi said in an interview to Arab News, according to astatement released by his office.
Saudi Aramco along with UAE’s national oil company ADNOC has signed apreliminary deal with Indian state-run companies for a 50pc stake in aplanned 1.2 million barrels per day (bpd) mega refinery on the country’swest coast.
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The Indian government also plans to sell its entire 53.29pc stake instate-run refinery Bharat Petroleum Corp, at an estimated price of $10billion.
Aramco is also eyeing a 20pc stake in the petrochemical and refiningbusiness of Reliance Industries in a multibillion-dollar deal.
During Modi’s visit, India will sign energy deals with Saudi Arabiaincluding its participation in India’s strategic petroleum reserve.
