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PM Narendra Modi with Crown Prince of Saudi Arabia Mohammed bin Salman Al Saud. (Source: Twitter/NarendraModi/File)

India and Saudi Arabia are moving from a purely buyer-seller relationship towards a closer strategic partnership that can embrace the resource-rich Kingdom’s investments in downstream oil and gasoline initiatives within the nation, Prime Minister Narendra Modi has mentioned.

Saudi Arabia is its second-biggest provider after Iraq. It offered 40.33 million tonnes of crude oil to India in 2018-19 fiscal, when the nation had imported 207.three million tonnes of oil. Follow PM Modi in Saudi LIVE Updates 

India imports round 18 per cent of its crude oil from the Kingdom, making it the second-largest supply of crude oil for the nation, Prime Minister Modi mentioned in an interview printed within the Arab News newspaper on Tuesday.

The prime minister arrived right here on Monday night time to attend a key monetary convention and maintain talks with the highest Saudi management.

“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,” he mentioned.

Modi mentioned that secure oil costs are essential for the expansion of the worldwide financial system, and praised the Kingdom’s function as an essential and dependable supply of India’s vitality necessities.

“Saudi Aramco is participating in a major refinery and petrochemical project on India’s west coast. We are also looking forward to the participation of Aramco in India’s Strategic Petroleum Reserves,” Modi mentioned.

Saudi Aramco, probably the most worthwhile firm on the earth, controls the world’s second-largest confirmed crude reserves at greater than 270 billion barrels.

Saudi Arabia remains to be recovering from the September 14 drone and missile assault on the world’s largest crude-processing facility operated by Saudi Arabia’s Aramco that knocked out about 5.7 million barrels a day, about half of the nation’s output. Its state vitality firm, Saudi Aramco, has vowed to not scale back shipments to prospects because it attracts down strategic reserves.

India imports 83 per cent of its oil wants.

This is Prime Minister Modi’s second go to to the Gulf Kingdom. During his first go to in 2016, Saudi King Salman bin Abdulaziz conferred Saudi’s highest civilian award on him. The Crown Prince visited India in February 2019, giving an additional fillip to the bilateral ties.

India’s relations with Saudi Arabia have been on an upswing over the previous couple of years. India’s bilateral commerce with Saudi Arabia was at USD 27.48 billion in 2017-18, making Saudi Arabia its fourth largest buying and selling associate.

Saudi Arabia final month mentioned it was taking a look at investing USD 100 billion in India in areas of vitality, refining, petrochemicals, infrastructure, agriculture, minerals and mining.

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