02/11/2014
Indian Minister of Oil and Gas is looking to strengthen the cooperation in the energy sector
Deputy Chairman Hasan bin Mohammed Al-Zahrani, East to the State of India is a major trading partner of the Kingdom, adding that the bilateral relations between the two countries improved significantly, especially after the signing of the Riyadh and the Delhi Declaration which was signed during the visit of King Abdullah in 2006. Al Zahrani said during a meeting with a high-level Indian trade delegation Wednesday 29 October 2014 headed by Indian Minister of State for petroleum and natural gas Darmandra Pradhan the recent visit of Crown Prince Salman bin Abdul Aziz to India contributed to the strengthening of bilateral relations, expressing the hope that relations with the new Government in India and that is reflected in the bilateral trade of the two countries.
Al Zahrani said during the meeting that saw the presence of the Indian Ambassador to the Kingdom of Mr. Hamid Ali Rao, Secretary-General of the Chamber Abdul Rahman bin Abdullah Al wabil a number of businessmen in the region to visit the delegation carried special importance as it includes representatives of leading Indian energy giants. These companies, noting that bright prospects await trade relations between Saudi Arabia and India, especially in the field of energy, which is famous for its eastern region where energy capital lie most of the oil and energy activities. Al-Zahrani called Indian companies to consider joint ventures in Saudi Arabia with Saudi counterparts by taking advantage of economic policies that encourage foreign investment in the country, and industrial growth as well as stability.
Al Zahrani said that Indian companies have already made their presence felt in the Saudi market with a combined investment of $ 1.6 billion, mainly in the fields of energy, information technology and manufacturing. The investment in India estimated $ 228 million from Aramco and SABIC recently opened a technology center in Bangalore at a cost of $ 100 million. The trade said that bilateral trade has increased significantly; rising by 8 percent to 151 billion in 2013, as imports from India to 21 billion while exports amounted to nearly one billion to 130 billion riyals.
Pradhan said that India seeks to strengthen energy cooperation with Saudi Arabia in the wake of increasing demand for oil and gas in the domestic market, noting that his country will buy more oil and liquefied natural gas (LNG) from Saudi Arabia, which currently meets five energy needs in India. Pradhan Called Saudi companies to interact with the campaign launched by the Indian Prime Minister, entitled (in India) and to attract investment in India from around the world, adding that it aims to focus on heavy industries and public enterprises to make India a manufacturing hub to facilitate bureaucratic processes.
