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India has invited Saudi Arabia to participate in the Indian Strategic Petroleum Reserve (SPR) Programme.
An official statement said that Minister for Petroleum and Natural Gas, Dharmendra Pradhan, during his meeting with the Minister of Energy, Industry and Mineral Resources of Saudi Arabia and Chairman of Saudi Aramco, Khalid A. Al-Falih, here shared details of investment opportunities in India’s downstream and upstream sectors.
The Saudi Arabian side also provided details of investment opportunities for Indian companies in their country. Both sides agreed to conclude discussions regarding concrete investment proposals in a time-bound manner, the statement added.
The meeting is a continuation of rising engagement between both the countries in the hydrocarbon sector. Both the Ministers have officially met four times, at Davos, Bangkok, Vienna and Houston, in the last one year .
According to an official statement, Saudi Arabia is among India’s largest energy suppliers being the second largest supplier of crude oil and LPG. In 2016-17, India’s crude oil import from Saudi Arabia was 18.5 per cent of total imports or 39.5 million tonnes out of total imports of 214 million tonnes.
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