New Delhi: Saudi Arabia stands committed to meeting all of India’s energy needs, especially in oil, its Energy Minister Khalid A. Al-Falih said Monday.
Speaking at the India Energy Forum, he emphasized, that this meant an increase in investment in India as well.
The strategic priority for Riyadh, is strengthening relations with Delhi, the Saudi Energy Minister Khalid Al-Falih stated.
Mr. Al-Falih also said, Saudi Aramco’s investment of $44 billion in the Ratnagiri refinery was “just the start” and that the company was keen to invest in an integrated downstream business, including on the retail side, as well as in storage capacity.
The meetings with the CEO’s and experts from the oil and gas sector in New Delhi showed a renewed bond being established with the Arab Emirates‘ representative. Following are the excerpts from the meeting.
“Earlier today, I held a meeting with Prime Minister Narendra Modi and Petroleum Minister Dharmendra Pradhan and assured them of our full and continuing commitment to meet India’s energy demands, especially in oil, and to invest in India,” Mr. Al-Falih said. “To strengthen relations with India is a strategic priority of the Kingdom of Saudi Arabia.”
“Saudi Aramco’s $44 billion investment in the Ratnagiri refinery is just a start,” Mr. Al-Falih said. “The company desires to build an integrated downstream business, invest in the retail side, and also in storage.”
Conventional vehicles, he said, still represented 99.8% of all vehicles in the world, and that electric vehicles are in the passenger vehicle segment, which accounts for only a quarter of oil demand.
“The majority of oil demand comes from sectors like heavy vehicles and commercial vehicles, and this demand will remain for a long time to come,” the Saudi Minister added.
“The oil price pain being currently felt would have been much worse if we had believed people who 4-5 years ago said that oil demand had peaked and would decline,” Mr. Al-Falih added. “But Saudi Arabia pro-actively and responsibly invested to strengthen our spare capacity and so averted a major price shock.”
Agencies
