Saudi Arabia is planning to invest in downstream oil and gas projects in India as part of a strategic partnership between the two countries, Zawya reported.
India’s Prime Minister Narendra Modi revealed his country’s plans as he visited Riyadh to participate in an investor summit. Modi is expected to meet King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman later on Tuesday.
“From a purely buyer-seller relationship, we are now moving toward a closer strategic partnership that will include Saudi investments in downstream oil and gas projects,” Modi said in an interview to Arab News.
During his visit, Modi plans to sign energy deals with Saudi Arabia to cooperate for India’s strategic petroleum reserve.
Saudi Aramco has been targeting a multi-billion-dollar deal to acquire a 20% stake in the petrochemical and refining business of Reliance Industries.
Aramco has previously signed a deal with Indian state-run companies for a 50% stake in a planned 1.2 million barrels per day (b/d) mega refinery on the country’s west coast.