Crown Prince assures petroleum supply

Saudi Arabia is to invest over US$100 billion in India’s energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining, manufacturing, education and health sectors.

The investment was committed during Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, Deputy Prime Minister and Minister of Defence, visit to India 19-20 Feb 2019.

The investments include the first Joint Venture West Coast Refinery and Petrochemical Project estimated to cost US$44 billion which will be the largest green field refinery in the world to be implemented in one phase. The implementation will be expedited.

In addition, US$10 billion through the Public Investment Fund and its technology partners, and other investments opportunities potentially worth US$26 billion are being explored.

Saudi Arabia is also investing in the National Investment and Infrastructure Fund (NIIF) and other key sectors in India. An MoU has been signed for this investment.

The Crown Prince reiterated the Kingdom’s commitment to meet India’s growing needs for crude oil and petroleum products and substitute for any shortages that may arise as a result of any disruptions from other sources.

The Prime Minister Narendra Modi has welcomed the Kingdom’s participation in the India’s Strategic Petroleum Reserves (SPRs).

Modi and the Crown Prince held delegation level talks on 20 Feb 2019 and assessed with satisfaction bilateral relations.

The two sides re-affirmed their deep commitment to strengthen the ‘strategic partnership’ envisaged in the ‘Riyadh Declaration’ of February 2010.

The two sides agreed to cement the existing ‘Strategic Partnership’ with ‘high level monitoring mechanism by the creation of Strategic Partnership Council led by the Prime Minister and the Crown Prince, supported by ministerial representation covering the whole spectrum of strategic relationships.

Both sides welcomed the outcomes of the Riyadh Workshop between NITI Aayog and Saudi Centre for International Strategic Partnership (SCISP) which has identified more than 40 opportunities of joint collaboration and investments across various sectors.

The following MoUs were signed during the Crown Prince’s 19-20 Feb visit:

(I) MoU on investing in the National Investment and Infrastructure Fund of India.

(II) MoU on cooperation in the field of Tourism.

(III) MoU on cooperation in the field of Housing.

(IV) Framework cooperation programme between Invest India and Saudi Arabia General Investment Authority (SAGIA).

(V) MoU for cooperation on Broadcasting for exchange of Audio-Visual Programmes.

(VI) Agreement for the Kingdom of Saudi Arabia to join the International Solar Alliance (ISA).

Taking note of the positive trend in the bilateral trade over the recent years, the two sides acknowledged the huge untapped potential available in the merchandise trade, particularly in the non-oil trade.

The two sides appreciated the positive deliberations held during the 12th session of the India-Saudi Joint Commission Meeting held in Riyadh in February 2018, for enhancing cooperation in economic, commercial, investment, cultural and technological fields.

The two sides stressed the importance of increasing trade volume between the two countries and eliminating export barriers.

The two sides agreed on further deepening trade and investment cooperation between the two countries by aligning the Kingdom’s Vision 2030 and its 13 Vision Realization Programs with India’s flagship initiatives of “Make in India”, “Start Up India”, “Smart Cities”, “Clean India”, and “Digital India”. The Saudi side expressed its readiness to attract Indian private/public sector investments and expertise, in the upcoming mega projects in Saudi Arabia. The two sides acknowledged positive transformation of economies of India and Saudi Arabia.

Both sides welcomed the positive change in investment climate after the signing of the Framework Cooperation Agreement between the Saudi Arabian General Investment Authority (SAGIA) and Invest India during Prime Minister Modi’s visit to Riyadh in 2016.

The two sides urged the business communities to utilize the investment opportunities in both countries, especially in the fields of infrastructure, mining, energy including renewables, food security and technology transfer, and to further consolidate cooperation in the areas of skilled human resources in information technology, electronics and telecommunications.

Recognizing the availability of sophisticated infrastructure and logistical services in the Kingdom’s industrial cities and ports, His Royal Highness welcomed investments by Indian companies in the Kingdom for domestic and regional market access. fiinews.com