Saudi Arabia is planning to invest around $100 billion into India's energy sector mainly in the areas of refining and petrochemicals, according to a report citing a senior Saudi government official.
The Gulf kingdom, the world’s biggest oil exporter, is key to India’s energy security, being a source of 17 per cent or more of crude oil and 32pc of LPG requirements of the country.
Considering the tremendous growth potential, Saudi Arabia is eyeing long-term partnerships with India in key sectors such as oil, gas and mining.
“Saudi Arabia will be focusing in the areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining,” said Saudi Ambassador Dr Saud bin Mohammed Al Sati.
This follows a partnership between the kingdom’s oil giant Aramco and Reliance Industries Limited.