Saudi Arabian and Indian companies can jointly unlock enormous new growth opportunities, and boost bilateral trade and relations as part of efforts to achieve long term economic and development goals. Saudi Aramco President and CEO Amin H. Nasser said at the inaugural IHS CERAWeek India Energy Forum that Saudi Vision 2030 and Vision for a New India can help companies from both countries and across various sectors to tap into significant new growth opportunities because of these programs. "At the heart of both programs is the goal of balanced and sustained economic development and diversification, fueled by further industrialization, a knowledge economy, and foreign direct investment," he said at the inaugural India Energy Forum by CERAWeek in New Delhi. Nasser, who met the Prime Minister of India Narendra Modi before the forum, said Saudi Aramco would like to invest across India's downstream value chain and form partnerships with leading Indian energy companies. He added that Saudi Aramco's strategic sourcing and procurement business with Indian companies is growing and expected to increase in the coming years. "We intend to strengthen partnerships with Indian energy firms, beyond the supply of crude and LPG, and also invest in refining, distribution, retail and petrochemicals that strengthens India's energy sector, and enhancing resilience against volatile oil markets," he said. In the past six years, Saudi Aramco's spending on material services sourced from Indian suppliers has reached almost $2 billion, with $1.3 billion alone of that occurring in just the past three years, Nasser said. --More 18:57 LOCAL TIME 15:57 GMT www.spa.gov.sa/1675512
