The Indian Minister of Petroleum and Gas Murli Deora has said the Kingdom is “committed to supplying India's needs in petroleum”, and that India is seeking to extend cooperation in the field to include hydrocarbonic industries, petrochemicals and refineries. “India imports more than 20 percent of its oil needs from Saudi Arabia, and the Kingdom is India's fourth largest commercial partner with half a million barrels of oil supplied daily,” Deora told Saudi Gazette from his office in New Delhi. “India is one of the largest energy-consuming countries in the world due to its growing economy and the continuous rise in individual living standards, and Indian demand for oil is expected to triple by 2030 making the country the third largest oil importer in the world.” Minister Deora said that India has offered to be a 10 percent partner in Saudi Aramco's giant refinery project in Eurasia, adding that the refinery with its strategic reserves of Saudi oil would be “of importance to us as the oil can be sold from there.” Deora called the oil refinery sector “highly profitable”, and urged Saudi investors to enter into partnerships in India. “Discussions with Saudi Aramco are continuing and aim to open other areas of bilateral cooperation,” he said. “More than 1.6 million Indians are contributing to the development of the Saudi economy and serve the interests of both countries as they transfer money to back their families in India,” he continued. “Saudi-Indian relations in energy have wide scope for greater cooperation.” The fall in oil prices, Deora said, represents a “significant incentive for economic prosperity, as the resulting increase in purchasing power leads to higher petrol consumption and a growing global economy”.
