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Gulf country to export 100,000 tonnes of petrochemicals to India

Riyadh: Saudi Arabia will export 100,000 tonnes of petrochemicals to India. Saudi Arabia will export 100,00 tons of agricultural and industrial sulfur to India and East Asian countries annually.  An agreement was signed for this at the Asharqia Chamber. The signing ceremony was attended by Abdulaziz Al-Shuaibi, director of the Industry Ministry’s Eastern Province branch.

India is Saudi Arabia’s third-largest trading partner, after China and Japan, with exports totalling SR26.8 billion. Saudi Arabia imports a range of commodities from India, including engineering goods, rice, petroleum products, chemicals, textiles, raw sugar and ceramic tiles. On the other hand, Saudi Arabia exports crude oil, liquefied petroleum gas, fertilizers, chemicals and plastic to India.

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The bilateral investments between the India and Saudi Arabia  surge to $24 billion. The petrochemicals trade volume is anticipated to hit $9.13 billion, with an additional $1.03 billion reserved for agricultural petrochemicals and fertilizers. Within next five years, the investments and trade exchange will touch $100 billion.

Saudi Arabia’s Public Investment Fund holds a 2.32 per cent stake in Reliance Jio Platforms valued at $1.5 billion and a 2.04 per cent stake in Reliance Retail Ventures Ltd. valued at $1.3 billion.

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