Delhi Sees New Power Ties With Riyadh
Souhail Karam | February 28, 2010
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Riyadh. India wants to strengthen energy ties with top OPEC exporter Saudi Arabia, the country’s biggest biggest supplier of oil, Prime Minister Manmohan Singh said on Sunday.
“We believe that conditions are ripe for moving beyond a traditional buyer-seller relationship to a comprehensive energy partnership,” Singh said in a prepared speech during a rare visit to the kingdom. “Indian companies are well-equipped to participate in upstream and downstream oil and gas sector projects in Saudi Arabia.”
Singh, the first Indian prime minister to visit the Gulf Arab kingdom since Indira Gandhi in 1982, proposed to establish new partnerships in the area of renewable energy.
Saudi Arabia is India’s largest supplier of crude and also a major source of remittances from Indian workers forming the backbone of seven million expatriates in the kingdom.
Indian investment in Saudi Arabia stands at more than $2 billion, covering 500 joint ventures, and India wants Saudi Arabia to invest in agriculture, energy, construction, manufacturing and pharmaceuticals, Singh said.
“The traditional relationship between Saudi Arabia and India is among the most strategic bilateral bonds for either country,” Riyadh-based lender Banque Saudi Fransi said in a report. “India’s geographic dependence on the Gulf is likely to become amplified in the coming years due to limited prospects for enhancing domestic energy production.”
Reuters
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