March 1, 2010
India-S Arabia: 10 Pacts on Co-operation, Oil, Peace
India and Saudi Arabia today finalised 10 pacts, including an Extradition Treaty and agreements in the economic sphere for signing during Prime Minister Manmohan Singh's ongoing visit to this oil-rich country.
Saudi Arabia today said it will double the supply of crude oil to India to around 40 million metric tonnes (MMT) per annum, a move that will help India meet the growing needs of its refineries.
The assurance came at a meeting between Minister of Petroleum and Natural Gas Murli Deora and his Saudi Arabian counterpart Ali bin Ibrahim Al-Naimi here today. Deora is part of the delegation accompanying Prime Minister Manmohan Singh on a visit to Saudi Arabia.
He pointed out that India looks for doubling of crude oil supply from Saudi Arabia as its three grass-root refinery projects at Bhatinda, Bina and Paradip near completion.
Naimi assured Deora that his country will increase allocation of crude oil for supply to India from about 25.5 Million Metric Tons (MMT) per annum to about 40 MMT, according to an official statement.
The Petroleum Minister also referred to a greater possibility of cooperation and asked the Indian oil Public Sector Undertakings (PSUs) led by Engineers India Ltd (EIL) to jointly open an office in Riyadh.
Besides, India also evinced interest in sourcing heavier crude from Saudi Arabia and carry out an exchange of technical personnel between the two countries and cooperate on training in skill development in the oil and gas sector.
Singh, the first Indian Prime Minister to visit Saudi Arabia in 28 years, will meet King Abdullah bin Abdulaziz Al Saud later in the evening and hold wide-ranging talks on issues ranging from cooperation in various areas, situation in Afghanistan and the threat of terrorism.
Singh has expressed keenness to impart "strategic character" to India-Saudi Arabia ties and the agreements are expected to give a major fillip to the relations.
Giving a new dynamism to bilateral ties, Singh today said India sees Saudi Arabia as a strategic partner for promoting peace, stability and economic development and that the conditions were ripe for the two countries to enter into a comprehensive energy partnership.
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.
Saudi ministers for oil and mineral resources, commerce and industry and foreign affairs called on Singh during his day's hectic schedule.
"We deeply value Saudi Arabia's role as a reliable partner in meeting our energy needs. We believe that conditions are ripe for moving beyond a traditional buyer-seller relationship to a comprehensive energy partnership," he said.
"India sees 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 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.
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," he said.
Saudi Arabia is India's fourth largest trading partner with two-way commerce being to the tune of about USD 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 USD 500 million that year to USD 23 billion in 2008, surpassing Iran as the largest supplier of crude oil to India.
Singh said India views its economic cooperation with Saudi Arabia in the wider context of its interactions with the entire Gulf region with which the country shares deep and historical ties.
"The Gulf countries are our natural partners in every sense of the term. Indians are the largest expatriate community in every country of the Gulf Cooperation Council. Our businesses should work together across the region, develop cross-country linkages and leverage economies of scale," he said.
Both sides agreed that there were immense investment prospects in healthcare, petrochemicals, fertilisers and knowledge-based industries.
The Saudi ministers who called on the Prime Minister said they saw substantial increase in investments from the oil-rich Kingdom to India in the coming years since it is a safe and secure investment centre, Vijaya Latha Reddy, Secretary (East) in the Ministry of External Affairs, told reporters.
The two sides favoured early conclusion of the free trade agreement with the Gulf Cooperation Council (GCC) to boost trade.
India's commitment to the Middle East Peace Process was reinforced by the Prime Minister during his talks with Saudi leaders.
Other regional and global issues also figured during the parleys.
The two sides took note of each other's security concerns, Reddy said.
India has serious concerns of Al-Qaeda and Taliban elements having safe havens on the Af-Pak border while Saudi Arabia is worried about the extremists operating with impunity against it from Yemen.
There was a special word of praise from the Saudi dignitaries about the 1.80 million Indian community in the Kingdom.
They were the largest and the most dependable, they told Singh.
The Prime Minister's long overdue visit to the Kingdom comes four years after King Abdullah visited India.
India-S Arabia: 10 Pacts on Co-operation, Oil, Peace
India and Saudi Arabia today finalised 10 pacts, including an Extradition Treaty and agreements in the economic sphere for signing during Prime Minister Manmohan Singh's ongoing visit to this oil-rich country.
Saudi Arabia today said it will double the supply of crude oil to India to around 40 million metric tonnes (MMT) per annum, a move that will help India meet the growing needs of its refineries.
The assurance came at a meeting between Minister of Petroleum and Natural Gas Murli Deora and his Saudi Arabian counterpart Ali bin Ibrahim Al-Naimi here today. Deora is part of the delegation accompanying Prime Minister Manmohan Singh on a visit to Saudi Arabia.
He pointed out that India looks for doubling of crude oil supply from Saudi Arabia as its three grass-root refinery projects at Bhatinda, Bina and Paradip near completion.
Naimi assured Deora that his country will increase allocation of crude oil for supply to India from about 25.5 Million Metric Tons (MMT) per annum to about 40 MMT, according to an official statement.
The Petroleum Minister also referred to a greater possibility of cooperation and asked the Indian oil Public Sector Undertakings (PSUs) led by Engineers India Ltd (EIL) to jointly open an office in Riyadh.
Besides, India also evinced interest in sourcing heavier crude from Saudi Arabia and carry out an exchange of technical personnel between the two countries and cooperate on training in skill development in the oil and gas sector.
Singh, the first Indian Prime Minister to visit Saudi Arabia in 28 years, will meet King Abdullah bin Abdulaziz Al Saud later in the evening and hold wide-ranging talks on issues ranging from cooperation in various areas, situation in Afghanistan and the threat of terrorism.
Singh has expressed keenness to impart "strategic character" to India-Saudi Arabia ties and the agreements are expected to give a major fillip to the relations.
Giving a new dynamism to bilateral ties, Singh today said India sees Saudi Arabia as a strategic partner for promoting peace, stability and economic development and that the conditions were ripe for the two countries to enter into a comprehensive energy partnership.
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.
Saudi ministers for oil and mineral resources, commerce and industry and foreign affairs called on Singh during his day's hectic schedule.
"We deeply value Saudi Arabia's role as a reliable partner in meeting our energy needs. We believe that conditions are ripe for moving beyond a traditional buyer-seller relationship to a comprehensive energy partnership," he said.
"India sees 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 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.
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," he said.
Saudi Arabia is India's fourth largest trading partner with two-way commerce being to the tune of about USD 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 USD 500 million that year to USD 23 billion in 2008, surpassing Iran as the largest supplier of crude oil to India.
Singh said India views its economic cooperation with Saudi Arabia in the wider context of its interactions with the entire Gulf region with which the country shares deep and historical ties.
"The Gulf countries are our natural partners in every sense of the term. Indians are the largest expatriate community in every country of the Gulf Cooperation Council. Our businesses should work together across the region, develop cross-country linkages and leverage economies of scale," he said.
Both sides agreed that there were immense investment prospects in healthcare, petrochemicals, fertilisers and knowledge-based industries.
The Saudi ministers who called on the Prime Minister said they saw substantial increase in investments from the oil-rich Kingdom to India in the coming years since it is a safe and secure investment centre, Vijaya Latha Reddy, Secretary (East) in the Ministry of External Affairs, told reporters.
The two sides favoured early conclusion of the free trade agreement with the Gulf Cooperation Council (GCC) to boost trade.
India's commitment to the Middle East Peace Process was reinforced by the Prime Minister during his talks with Saudi leaders.
Other regional and global issues also figured during the parleys.
The two sides took note of each other's security concerns, Reddy said.
India has serious concerns of Al-Qaeda and Taliban elements having safe havens on the Af-Pak border while Saudi Arabia is worried about the extremists operating with impunity against it from Yemen.
There was a special word of praise from the Saudi dignitaries about the 1.80 million Indian community in the Kingdom.
They were the largest and the most dependable, they told Singh.
The Prime Minister's long overdue visit to the Kingdom comes four years after King Abdullah visited India.
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