Saudi welcomes Indian firms to invest in energy sector

Saudi Arabia on Sunday said Indian companies were welcome to explore opportunities in its energy sector through joint ventures...

Saudi Arabia on Sunday said Indian companies were welcome to explore opportunities in its energy sector through joint ventures, responding to New Delhi’s keen interest to enter the hydrocrabon-rich Gulf country in a bigger way. During a two-hour “warm” and “cordial” meeting between External Affairs Minister Pranab Mukherjee and his Saudi counterpart Saud bin Al-Faisal, the two sides also agreed on setting up of a joint investment fund.

Riyadh had evinced interest in joining the fund which was proposed by India. The two leaders discussed possibilities to enhance two-way trade and investment with Mukherjee raising the proposed comprehensive Free Trade agreement with Gulf countries and Saudi Arabia’s role.

Mukherjee expressed India’s desire to convert seller-buyer relationship to a more participatory one where Indian companies explore oil and gas resources in this country.

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India imports 26 million tonnes of hydrocarbon from Saudi Arabia every year accounting for one-fourth of imports of energy.

Responding to this, the Saudi Foreign Minister said “Indian companies were welcome to explore possibilities and identify projects”, External Affairs Ministry spokesman Navtej Sarna said.

Mukherjee took up the issue of long-term multi-entry visa for genuine businessmen. The two sides will hold further consultations on this to work out an arrangement for easier visa issuance.

In the 2006 Delhi Declaration, the two countries had agreed to develop a strategic energy partnership based on complementarities and interdependence which would include reliable, stable and increased volume of crude supplies to India.

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At Sunday’s talks, India also invited Saudi investments, saying there was huge scope as Indian economy was growing at over 8 per cent.

Ministry of External Affairs spokesperson Randhir Jaiswal

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