NEW DELHI/RIYADH: Saudi Arabia will invest in India’s oil sector as the two countries transform their traditional crude seller and buyer relationship into a strategic business partnership, according to prime minister Narendra Modi.
“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,” a statement by the PM’s office quoted Modi as telling ‘Arab News’ in an interview.
The PM’s statement underlines the success of his approach towards India’s relationship with OPEC swing-maker Saudi Arabia and other West Asian oil and gas producing countries with a view to attracting investments. It also reinforces the India growth story and the positive impression among global investors created by his government’s oil sector reforms in the last five years.
