ID :
109155
Mon, 03/01/2010 - 14:01
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http://m.oananews.org//node/109155
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Saudi Arabia to increase crude oil supply to India
New Delhi, March 1, IRNA -- Saudi Arabia is to increase crude oil supply to India by 14.5 million metric tons, taking the total supply to 40 mmt per year.
The assurance to this effect was given by the Saudi Minister of Petroleum and Mineral resources Al Naimi in Riyadh Sunday during a meeting with the Petroleum and Natural Gas Minister Murli Deora, All India Radio (AIR) reported.
Currently, Saudi Arabia supplies 25.5 mmt of crude oil to India every year. Naimi also assured that Saudi Arabia is ready to meet the needs of Indian oil refinery companies both in the public and private sector.
The two sides were also keen to increase cooperation in the oil field related services as well as their cooperation in Hydrocarbon sector. The discussion also focused on exchange of technical personnel between the two countries for training in oil and gas sector.
Meanwhile, appreciating Saudi Arabia’s role as a reliable partner in meeting India’s energy needs, the Prime Minister said that conditions are ripe for both countries to move beyond a traditional buyer-seller relationship to a comprehensive energy partnership.
He said that both should establish new partnership in the area of new and renewable energy through the sharing of clean technologies and joint collaboration.
Manmohan Singh has invited investors and entrepreneurs from Saudi Arabia to explore investment opportunities in India.
Underlining India’s vast needs for high quality modern infrastructure, the Prime Minister Dr Singh specified energy, telecommunication, pharmaceuticals, health, agriculture among other areas for prospective investors from the Kingdom of Saudi Arabia.
Giving his remarks in the Saudi-India Business Forum at the Council of Saudi Chambers of Commerce and industry in capital Riyad in Saudi Arabia today, the Prime Minister asserted that despite the global economic slowdown, India hopes to achieve a growth rate of 7 per cent in the current financial year.
He further expected to get back to the growth rate of about 9 per cent per annum within two years.
At the Council of Chambers Singh highlighted the fact that India can support investment rates of as high as 38 per cent of its Gross Domestic Product.
He said that both India and Saudi Arabia have a sound institutional mechanism in place to facilitate trade and investment which includes a Double taxation Avoidance Agreement and Bilateral Investment Protection Agreement.
It may be recalled that these two important agreements had been signed in January 2006 during the visit of the Saudi King Abdullah Bin Abdul Aziz Al Saud to India.
Manmohan Singh and Saudi king Abdullah are meeting this evening where they are expected to discuss a range of bilateral, regional and international issues concerning both countries.
Both leaders will also lead the delegation level talks after that the Riyadh declaration is also expected to be signed in the spirit of mutual cooperation enshrined in the Delhi Declaration signed in 2006, further.
Earlier today Saudi foreign minister Prince Saud al Faisal , oil minister Ali Al Naimi and commerce and industry minister Abdullah Zainal Ali Reza called on Manmohan Singh and discussed wide range of issues concerning both the countries.
Singh also addressed captains of Indian and Saudi business and industry at Saudi Chamber of commerce and industry. In an unique honour bestowed upon select dignitaries, Prime minister will deliver a speech at the prestigious Shoura Council tomorrow where he will share his perspectives on Saudi-Indian ties.
Singh will also visit King Saud University where he is likely to be honoured with honorary doctorate degree. The Prime minister will wrap up his three-day visit to Riyadh tomorrow immediately after meeting the representatives of Indian community the same day./end
The assurance to this effect was given by the Saudi Minister of Petroleum and Mineral resources Al Naimi in Riyadh Sunday during a meeting with the Petroleum and Natural Gas Minister Murli Deora, All India Radio (AIR) reported.
Currently, Saudi Arabia supplies 25.5 mmt of crude oil to India every year. Naimi also assured that Saudi Arabia is ready to meet the needs of Indian oil refinery companies both in the public and private sector.
The two sides were also keen to increase cooperation in the oil field related services as well as their cooperation in Hydrocarbon sector. The discussion also focused on exchange of technical personnel between the two countries for training in oil and gas sector.
Meanwhile, appreciating Saudi Arabia’s role as a reliable partner in meeting India’s energy needs, the Prime Minister said that conditions are ripe for both countries to move beyond a traditional buyer-seller relationship to a comprehensive energy partnership.
He said that both should establish new partnership in the area of new and renewable energy through the sharing of clean technologies and joint collaboration.
Manmohan Singh has invited investors and entrepreneurs from Saudi Arabia to explore investment opportunities in India.
Underlining India’s vast needs for high quality modern infrastructure, the Prime Minister Dr Singh specified energy, telecommunication, pharmaceuticals, health, agriculture among other areas for prospective investors from the Kingdom of Saudi Arabia.
Giving his remarks in the Saudi-India Business Forum at the Council of Saudi Chambers of Commerce and industry in capital Riyad in Saudi Arabia today, the Prime Minister asserted that despite the global economic slowdown, India hopes to achieve a growth rate of 7 per cent in the current financial year.
He further expected to get back to the growth rate of about 9 per cent per annum within two years.
At the Council of Chambers Singh highlighted the fact that India can support investment rates of as high as 38 per cent of its Gross Domestic Product.
He said that both India and Saudi Arabia have a sound institutional mechanism in place to facilitate trade and investment which includes a Double taxation Avoidance Agreement and Bilateral Investment Protection Agreement.
It may be recalled that these two important agreements had been signed in January 2006 during the visit of the Saudi King Abdullah Bin Abdul Aziz Al Saud to India.
Manmohan Singh and Saudi king Abdullah are meeting this evening where they are expected to discuss a range of bilateral, regional and international issues concerning both countries.
Both leaders will also lead the delegation level talks after that the Riyadh declaration is also expected to be signed in the spirit of mutual cooperation enshrined in the Delhi Declaration signed in 2006, further.
Earlier today Saudi foreign minister Prince Saud al Faisal , oil minister Ali Al Naimi and commerce and industry minister Abdullah Zainal Ali Reza called on Manmohan Singh and discussed wide range of issues concerning both the countries.
Singh also addressed captains of Indian and Saudi business and industry at Saudi Chamber of commerce and industry. In an unique honour bestowed upon select dignitaries, Prime minister will deliver a speech at the prestigious Shoura Council tomorrow where he will share his perspectives on Saudi-Indian ties.
Singh will also visit King Saud University where he is likely to be honoured with honorary doctorate degree. The Prime minister will wrap up his three-day visit to Riyadh tomorrow immediately after meeting the representatives of Indian community the same day./end
