Saudi Foreign Minister Adel bin Ahmed Al-Jubeir has informed that the oil-rich nation has an idea at making India a regional hub for the supply of crude oil and will invest billions of dollars in the country to build storage facilities and strengthen refineries. Saudi Arabia, the world’s biggest oil exporter, will also invest in downstream assets in India besides helping the country boost its infrastructure in the petrochemical sector.
The foreign minister said his country looked at India as a rising economic power and was very bullish about its potential to grow further. Reflecting growing energy ties, it was announced recently that Saudi Aramco, the world’s top oil exporter, will be part of a joint venture project to set up a refinery in Maharashtra at a cost of USD 44 billion. It will be the largest greenfield refinery in the world to be implemented in one phase.
India is expected to increase import of oil from countries such as Saudi Arabia and the United Arab Emirates if the US does not extend the six-month-long waiver it granted to New Delhi and several other countries to buy oil from Iran.
Saudi Arabia is also a key pillar of India’s energy security, being a source of 17%t or more of crude oil and 32% of LPG requirements of India.
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