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As the kingdom recovers from the recent attacks on its oil facilities, Saudi Arabia is chalking out long-term partnerships with India involving an investment of $100 billion in the country's petrochemicals, infrastructure and mining sectors, among others.
Saudi Ambassador Dr Saud bin Mohammed Al Sati said that India is an attractive investment destination for the kingdom, which is eyeing long-term partnerships with New Delhi in key sectors like oil, gas and mining.
"Saudi Arabia is looking at making investments in India potentially worth $100 billion in the areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining," Al Sati told India's largest news agency, PTI, in an interview.
Saudi Arabia's Crown Prince Mohammed bin Salman who had visited India in February said he expected investment opportunities worth more than $100 billion in India over the next two years.
Al Sati said the world's biggest oil producer, Saudi Aramco's partnership with India's largest private sector company, Reliance Industries (RIL), reflected the strategic nature of growing energy ties between both the countries.
"In this backdrop, Saudi Aramco's proposed investments in India's energy sector, such as the $44 billion West Coast refinery and petrochemical project in Maharashtra and a long-term partnership with Reliance, represent strategic milestones in our bilateral relationship," Al Sati was quoted as saying.
Saudi Aramco will buy 20 percent stake in RIL's refining and petrochem businesses for $15 billion. The investment subject to regulatory approvals will help RIL to cut its debt.
He said that Vision 2030 of Crown Prince Mohammed bin Salman will result in big expansion of trade and business between both the countries.
Saudi Arabia's Vision 2030 is a package of economic and social policies designed to free the kingdom from dependence on oil exports.
The Saudi envoy also explained the kingdom's new residency permit scheme for qualified expatriates.
"This move is expected to attract leading global innovators and investors to live and work in Saudi Arabia and help drive the private sector growth needed to realise the goals set out in Saudi Vision 2030," PTI quoted Al Sati as saying.
(Writing by Seban Scaria; editing by Daniel Luiz)
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