India and Saudi Arabia agreed to cooperate in different areas of hydrocarbon sector

India and Saudi Arabia agreed to cooperate in different areas of hydrocarbon sector

1- India and Saudi Arabia on 29 October 2014 agreed to cooperate in different areas of hydrocarbon sector included strategic reserves, petrochemical conservation, research and development, refineries and energy efficiency programmes.

2- Saudi Arabia has assured India of all cooperation on trade and investment in hydrocarbon sector. 

3- The agreement was reached in bilateral energy consultations held in Riyadh between India and Saudi Arabia.

4- India invited Saudi companies including ARAMCO to participate and invest in crude oil storage facilities and down-stream industries in India.

Important Facts:

1- Saudi Arabia figures prominently in India’s energy security as it imports over 20 percent of its crude oil requirement from it.

2-  It is India’s largest supplier of LPG (Butane and Propane). 

3- At present, Saudi Arabia is 4th largest trade partner of India. 

4- The bilateral trade between the two countries has seen a steady growth during 2013-14 (48.75 billion US dollar). 

5- In the current financial year 2014-15, the bilateral trade has already reached 20.27 billion US dollar (April – August 2014).

Sponsored Links