Reliable, stable and increased volume of crude oil supplies, through "evergreen" long-term contracts. - Cooperative and joint ventures, both in the Public and private sectors, in the upstream and downstream oil and gas sectors in India and Saudi Arabia as well as in third countries. - Saudi investments in oil refining, marketing and storage in India , subject to commercial viability. - Setting up of India-Saudi ventures for gas-based fertilizer plants in Saudi Arabia. The two governments would encourage and support entrepreneurs in both countries to harness each other's strengths for mutual benefit and promote economic cooperation actively. The two countries would work for closer cooperation in the field of technology, in particular in the field of information and communication technology, agriculture , bio-technology, and non-conventional energy technologies. India will assist in setting up an ICT Centre of Excellence as well as institutes of higher learning, involving both education and research, in the field of technology in Saudi Arabia. India would offer opportunities for Saudi students to pursue Post-Graduate and Doctorate level studies in technical institutions in India, and enhance cooperation in human resource development related to telecommunications. It was agreed that an Educational Exchange Programme between the two countries should be finalized and concluded at an early date. --More 23 41 Local Time 20 41 GMT
