Saudi Arabia commits to meeting India's oil demand

Saudi Arabia commits to meeting India's oil demand

Saudi Arabia on Monday committed to meeting India's rising oil demand and said it is keen to invest in fuel retailing and petrochemical business in the world's fastest-growing energy consumer.

Speaking at India Energy Forum, its oil minister Khalid al-Falih heaped lavish praises on Prime Minister Narendra Modi and his government for making it easier to do business in the country and ushering in "acche din".

"My frequent visits to India are indicative of the importance Saudi Arabia attaches to this great nation as a critical energy and a strategic global player," he said calling the county an "emerging superpower".

Saudi Arabia is India's second-biggest oil supplier behind Iraq and is committed to meet any shortfall that may arise due to sanctions on Iran, he said.

"I had the privilege of meeting Prime Minister Narendra Modi and Oil Minister Dharmendra Pradhan today (Monday). I assured them of our full and continued commitment of meeting India's oil demand as well as continuing to invest here in India," he said adding Saudi Arabia will maintain close contact with major consumers and seek their views.

India, the world's third-biggest oil importer, is facing record high retail prices as international crude rate soared and rupee value dipped.

He cited his country's national oil company Saudi Aramco together with Abu Dhabi National Oil Company (ADNOC) signing up for taking 50% stake in the proposed $44 billion, 60 million tonnes Ratnagiri refinery and petrochemical complex in Maharashtra as "early example of growing partnership" between India and Saudi Arabia.