New Delhi, October 16 - Neftegaz.RU. Saudi Arabia is keen on investing in India’s downstream oil & gas sector and crude oil storage, energy minister Khalid Al Falih said on October 15th. Speaking at India Energy Forum, Falih said he met Indian PM Narendra Modi and assured him Saudi Arabia’s commitment to help India meet oil & overall energy needs, ETEnergyWorld reported.
«Saudi Aramco is keen on investing in various segments like fuel retail, petrochemicals, building an integrated down-stream business spanning India as well as our commitment to invest in India’s strategic crude oil storage programme. SABIC, our leading petrochemical company, is keen in investing in India’s chemical sector,» he said.
Falih also said MAADEN, Saudi Arabia’s mining and fertilizer firm, is interested in investing in phosphate fertilizer sector in India and has signed a pact in this regard.
He said his country has been in constant contact with oil minister Dharmendra Pradhan over the recent surge in oil prices. Due to concerns raised by major oil consuming countries including India, OPEC and Non-OPEC countries agreed on increasing production earlier this year, he said.
Falih also added that investing in India is a «strategic priority» for Saud Arabia and Saudi Aramco’s investment in the planned $44 billion Ratnagiri refinery is just a start of long-term cooperation between the 2 countries. Commenting on the latest turmoil in the oil markets, Falih said that the oil market is in balance and Saudi Arabia has successfully cushioned the world market against supply shocks.