India invites Saudi Arabia to invest in strategic oil storages

Seeking to deepen energy ties with oil-rich Saudi Arabia, India has invited the world's largest oil exporter to invest in strategic crude oil storages and downstream facilities.
Oil Minister Dharmendra Pradhan, leading a high level delegation on his maiden visit to Riyadh, met Saudi Oil Miniter Ali al-Niami on extending cooperation in oil and gas sectors.
Saudi Arabia is India's largest supplier of crude oil, providing over 20 per cent of its oil needs.
During talks, "India's additional requirement for crude oil and LPG, investment opportunities, cooperation in research and development, and related global issues pertaining to G20 and International Energy Forum (IEF)" were discussed, an official statement said.
The two sides also discussed areas of cooperation in Saudi Arabian and Indian energy efficiency policies and programmes.
"The Indian side conveyed India's growing requirement for crude in future due to growing Indian economy, increase in refining capacity and rapid changes being brought by the new government aspiring for double digit growth in foreseeable future," it said.
Both sides also discussed specific issues concerning public sector oil companies in India and Saudi Aramco, the Arab nation's national oil company.
"India invited Saudi companies including Aramco to participate and invest in crude oil storage facilities and down-stream industries in India," the statement said.
The Saudi side acknowledged India's importance as one of the fastest growing markets in the world and appreciated the changes and policies being initiated by the new government.
It assured that it would consider India's growing demand for crude and LPG while also agreed to look into the issues underlined by India concerning trade and investment in hydrocarbon sector between the two countries.
"Both the sides found common areas of cooperation such as strategic reserves, petrochemical conservation, research and development, refineries and energy efficiency programmes," it said.
Pradhan and Indian delegation visited Saudi Arabian Basic Industries Corporation ( SABIC) and King Abdullah City for Atomic and Renewable Energy and held discussions on the issues of mutual interests.
Indian side also made a presentation on REINVEST, India's first Renewable Energy Global Investment Promotion Meet & Expo being held from 15-17 February, 2015 in New Delhi to showcase India's manufacturing capabilities and latest technologies in renewable energy sector.
They also visited Saudi Aramco headquarters in Dhahran and had an interactive meeting with businessmen at Chamber of Commerce in Dammam before departing for New Delhi from Dammam Wednesday night.

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