Riyadh, March 01: PRIME MINISTER Manmohan Singh on Sunday said conditions were ripe for India and Saudi Arabia to enter into a comprehensive energy partnership and go beyond the purely buyer- seller relationship in crude oil.
Addressing the influential Council of Saudi Chambers of Commerce and Industry, Singh invited entrepreneurs from the oil- rich kingdom to explore investment opportunities in India in construction, manufacturing, pharmaceuticals, health, agriculture, energy, telecommunications, tourism and other sectors. He said India views Saudi Arabia as a strategic partner for promoting peace, stability and economic development.
“ Such a partnership will bring benefits not only to our two countries but also to the region we both belong to, and to the world at large,” the Prime Minister said. The Saudi industry captains said India should grant multi- entry visa to ease movement of businessmen and clear hurdles in investment funds.
They said there was tremendous scope for cooperation in the oil, power and IT sectors.
The countries finalised an extradition treaty and 10 other memorandums of understanding ( MoUs) and agreements to further bolster bilateral cooperation and increase crude supplies to India from 25.5 million tonnes to 40 million tonnes a year.
Saudi ministers for oil and mineral resources, commerce and industry and foreign affairs called on Singh during his day’s hectic schedule.
Singh said Indian companies are well- equipped to participate in upstream and downstream oil and gas sector projects in Saudi Arabia. “ We should also establish new partnerships in the area of new and renewable energy through sharing of clean technologies and joint collaborations,” Singh added.
Saudi Arabia is India’s fourthlargest trading partner with two- way commerce of about $ 25 billion. Energy cooperation between the two countries has witnessed a massive increase since King Abdullah’s Delhi visit in 2006, with Saudi exports jumping from $ 500 million that
year to $ 23 billion in 2008, surpassing Iran as the largest supplier of crude oil to India.
He said the global slowdown notwithstanding, India hopes to achieve a growth rate of over seven per cent in the current fiscal and expects to bounce back to the growth level of nine per cent within two years.
Meanwhile, minister of petroleum and natural gas Murli Deora held discussions with Ali bin Ibrahim Al- Naimi, the Saudi minister of petroleum and mineral resources. Deora said India is looking for doubling of crude supply by Saudi Arabia as its three grassroots refineries at Bhatinda, Bina and Paradip near completion.
Naimi assured raising of crude oil allocation to India from about 25.5 million metric tonnes ( MMT) per annum to 40 MMT. ’
–Agencies