India-Saudi Arabia energy partnership expands with growing cooperation
New Delhi [India], May 6 (ANI): The energy partnership between India and the Kingdom of Saudi Arabia is undergoing a remarkable phase of expansion and consolidation, powered by shared ambition, strategic vision, and the enduring personal chemistry between Prime Minister Narendra Modi and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia.
Saudi Arabia stands as one of India's most significant and reliable hydrocarbon trade partners, playing a crucial role in meeting the country's energy demands. Notably, Saudi Arabia supplies over 14 per cent of India's crude oil requirements, solidifying its position as a key crude oil provider. Additionally, the Kingdom fulfils more than 18 per cent of India's LPG needs, underscoring its importance in ensuring India's energy security and stability in the energy sector. This strong partnership underscores the deepening energy ties between the two nations.
Saudi Aramco is in advanced discussions to invest in two major refinery projects in India. Such synergy would provide a win-win situation for both our countries, allowing Saudi Aramco to derisk investment for expanding production capacity while providing India with affordable and stable pricing for its crude imports. These discussions are advancing constructively, with BPCL and ONGC engaging proactively with their Saudi counterparts to ensure mutual benefit and long-term viability.
A highly placed source in the government told ANI that recognising the strategic nature of this partnership, efforts are being made to offer a facilitative environment for Saudi investments. This mutual recognition of shared strategic interest forms the bedrock of this growing alliance, going far beyond Energy, and spanning across sectors like space exploration, telecommunication and IT, healthcare, governance, logistics and trade.
Importantly, this collaboration between India and the Kingdom of Saudi Arabia reflects a new era of geopolitical alignment and economic interdependence and enjoys the full-fledged support and patronage from the top leadership of both nations. (ANI)
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