Saudi Arabia to invest $ 100 billion in India

New delhi date. September 29, 2019, Sunday

Saudi Arabia has announced a major investment in India. Saudi has said that we plan to invest $ 100 billion in India in the coming days. In areas where Saudi is about to invest money, petroleum will focus more on gas mining.

Saudi Arabia Ambassador Dr. Saud bin Mohammed Al Sati said in an interview that India is an attractive country for investment and Saudi Arabia is emphasizing partnerships in key sectors like oil, gas and mining.

He said in an interview that Saudi Arabia was ready to invest in India. Saudi Arabia's partnership with Aramco with India's Reliance reveals the strategic nature of energy relations between the two countries.

India's oil consumption, fuel needs, and Aramco's investment in petrochemicals and lubricants markets are part of the company's global strategy in these areas.

Al Sati said that Saudi Arabia's vision of Yuvraj Mohammed bin Salman will greatly increase trade and business between the two countries in different sectors from 2030 onwards. Saudi Arabia will emphasize reducing its economic dependence on petroleum production under Vision 2030.

India buys 17 percent of its crude oil and 32 percent of LPG from Saudi Arabia. The ambassador said that in 2019, more than 40 opportunities for joint partnerships and investment in various sectors have been identified between the two countries. There is no doubt that $ 34 billion of bilateral trade is done between the two countries, and there will be an increase.

Asked about Aramco's IPO, he said this would bring the company into the wider world. He said that India's invitation to invest in Saudi Arabia is evidence of internal trust between the two countries.