Cabinet approves Saudi-India MoU
India is set to get investments from Saudi Arabia in its massive infrastructure development programme following approval by the Cabinet Committee on Economic Affairs on 13 Feb 2019.
The Cabinet has approved the Memorandum of Understanding between India and Saudi Arabia on establishing a mechanism for investment in infrastructure in India.
The MoU will be a step forward in engaging with the institutions of Saudi Arabia to attract a potential investment into the infrastructure sector in the country.
It will lead to boosting infrastructure development in the country, creation of more jobs, growth of ancillary industries/sectors which will lead to growth in Gross Domestic Product (GDP) and overall economic prosperity.
To date, Saudi Aramco is committed to take a 50% stake in a proposed US$44 billion petroleum-petrochemical refining complex, the largest energy infrastructure project in India.
Cash-rich Aramco, rated as the biggest global energy group, has signed a preliminary agreement with Indian Oil, Bharat Petroleum and Hindustan Petroleum for processing 60 million tonnes of crude oil and producing 18 million tonnes of petrochemcals a year from the planned refinery complex.
Saudi energy minister Khalid al-Falih supports the Aramco-India venture. Aramco is also considering other ventures in the Indian energy sector, according to earlier media reports. fiinews.com