Saudi Arabia ready to invest $100 billion in India

Agencies
September 29, 2019

New Delhi, Sept 29: Saudi Arabia, the world's biggest oil exporter, is looking at investing $100 billion in India in areas of petrochemicals, infrastructure and mining among others, considering the country's growth potential.

Saudi Ambassador Dr Saud bin Mohammed Al Sati has said India is an an attractive investment destination for Saudi Arabia and it is eyeing long-term partnerships with New Delhi in key sectors such as oil, gas and mining.

"Saudi Arabia is looking at making investments in India potentially worth USD 100 billion in the areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining," Al Sati told PTI in an interview.

He said Saudi Arabia's biggest oil giant Aramco's proposed partnership with Reliance Industries Ltd reflected the strategic nature of the growing energy ties between the two countries.

The envoy said investing in India's value chain from oil supply, marketing, refining to petrochemicals and lubricants is a key part of Aramco's global downstream strategy.

"In this backdrop, Saudi Aramco's proposed investments in India's energy sector such as the USD 44 billion West Coast refinery and petrochemical project in Maharashtra and long term partnership with Reliance represent strategic milestones in our bilateral relationship," he said.

The envoy said the vision 2030 of Crown Prince Mohammed bin Salman will also result in significant expansion of trade and business between India and Saudi Arabia in diverse sectors.

Under vision 2030, Saudi Arabia plans to diversify the Saudi economy while reducing its economic dependence on petroleum products.

Saudi Arabia is a key pillar of India's energy security, being a source of 17 per cent or more of crude oil and 32 per cent of LPG requirements of India.

The envoy said more than 40 opportunities for joint collaboration and investments across various sectors have been identified between India and Saudi Arabia in 2019, adding the current bilateral trade of USD 34 billion will undoubtedly continue to increase.

"There is huge untapped potential available in merchandise trade, particularly in non-oil trade and we are enhancing cooperation in economic, commercial, investment, cultural and technological fields," the envoy said.

Asked about Saudi Arabia's plan to issue initial public offering of Aramco's stock, being seen as world's largest IPO, he said it will open up the company to the wider world.

"Consistent with the vision 2030 goals, Saudi Aramco is pursuing new opportunities toward creating a world leading downstream sector in Saudi Arabia," he said.

On future energy ties with India, he said the bilateral energy ties have grown beyond the supply of crude oil, refined products and LPG to a more comprehensive partnership that focusses on investments and joint ventures in petrochemical complexes and cooperation in exploration.

"India's invitation to Saudi Arabia to invest in its strategic petroleum reserve reflects the trust and goodwill the two countries share," he said.

Talking about 'Vision 2030', Al Sati said Saudi Arabia is working towards transforming its economy and looking at a post-oil age of world-class technological research, start-up and entrepreneurial vigour.

"The entire development strategy of the kingdom rests on three pillars - to build a vibrant society, a thriving economy and an ambitious nation," he said.

"The World Bank too has ranked the kingdom as the fourth largest reformer within G20. The number of foreign investment licenses granted in Saudi Arabia in the first quarter of 2018 increased by 130 per cent," he said.

The envoy also talked about Saudi Arabia's new residency permit scheme for qualified international expatriates.

"This move is expected to attract leading global innovators and investors to live and work in Saudi Arabia, and help drive the private sector growth needed to realise the goals set out in Saudi Vision 2030," he said.

Asked whether Saudi Arabia will increase oil supply to India to address the shortfall due to curb on import of oil from Iran, the envoy said his country is committed to India's energy security and will meet any shortfall that may arise due to disruptions from other sources.

"As one of the world's leading energy producers, the kingdom will continue working constructively with other producers within and outside OPEC to maintain market stability, thus protecting all the interests of producers and consumers alike," he said.

OPEC (Organization of the Petroleum Exporting Countries) is a 14-nation powerful bloc of oil producing countries.

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News Network
April 15,2024

New Delhi: India is likely to experience above-normal cumulative rainfall in the 2024 monsoon season with La Nina conditions likely to set in by August-September, the IMD has said on Monday.

However, normal cumulative rainfall does not guarantee uniform temporal and spatial distribution of rain across the country, with climate change further increasing the variability of the rain-bearing system.

Climate scientists say the number of rainy days is declining while heavy rain events (more rain over a short period) are increasing, leading to frequent droughts and floods.

Based on data between 1951-2023, India experienced above-normal rainfall in the monsoon season on nine occasions when La Nina followed an El Nino event, India Meteorological Department chief Mrutyunjay Mohapatra told a press conference here.

Positive Indian Ocean Dipole conditions are predicted during the monsoon season. Also, the snow cover in the Northern Hemisphere is low. These conditions are favourable for the Indian southwest monsoon, he said.

Moderate El Nino conditions are prevailing at present. It is predicted to turn neutral by the time monsoon season commences. Thereafter, models suggest, La Lina conditions may set in by August-September, Mohapatra said.

India received "below-average" cumulative rainfall -- 820 mm compared to the long-period average of 868.6 mm -- in 2023, an El Nino year. Before 2023, India recorded "normal" and "above-normal" rainfall in the monsoon season for four years in a row.

El Nino conditions -- periodic warming of surface waters in the central Pacific Ocean -- are associated with weaker monsoon winds and drier conditions in India.

Three large-scale climatic phenomena are considered for forecasting monsoon season rainfall.

The first is El Nino, the second is the Indian Ocean Dipole (IOD), which occurs due to differential warming of the western and eastern sides of the equatorial Indian Ocean, and the third is the snow cover over the northern Himalayas and the Eurasian landmass, which also has an impact on the Indian monsoon through the differential heating of the landmass.

The southwest monsoon delivers about 70 percent of India's annual rainfall, which is critical for the agriculture sector. Agriculture accounts for about 14 percent of the country's GDP.

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News Network
April 22,2024

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Mangaluru: BJP candidate in Dakshina Kannada Capt Brijesh Chowta has received a letter from Prime Minister Narendra Modi wishing him victory in the election.

In the letter, which the BJP shared with the media, the PM has lauded Chowta’s exceptional services in the armed forces as a part of the Gorkha regiment, especially in counter-insurgency operations. Modi also has mentioned about Chowta’s efforts as an organiser of the Mangaluru Lit Fest and his dedication to preserve the cultural heritage of the region.

“I am certain that you will immensely contribute towards the welfare of people and the region of Dakshina Kannada. Through this letter, I would like to tell the people of your constituency that this is not an ordinary election. Families across India, especially the senior members, would remember the difficulties they have gone through in the last five to six decades. In the last 10 years, the quality of life of every section of society has improved, with many of these troubles removed. Yet, a lot more is still to be done and this election will be decisive in our mission to ensure a better life for everyone,” reads the letter. 

“Your exceptional service in the armed forces as a part of the Gorkha regiment, especially in counter-insurgency operations, is commendable. Additionally, your efforts as an organiser of the Mangaluru Lit Fest demonstrate your dedication to preserving the cultural heritage of the region. I am certain that you will immensely contribute towards the welfare of people and the region of Dakshin Kannada”

“With the blessings of the people, I am confident that you will reach the Parliament. Team members like you are a great asset for me. As a team, we will leave no stone unturned for the welfare of the people of your constituency and the country. Through this letter, I would like to tell the people of your constituency that this is not an ordinary election. Families across India, especially the senior members, would remember the difficulties they have gone through in the last 5-6 decades. In the last 10 years, the quality of life of every section of society has improved, with many of these troubles removed. Yet, a lot more is still to be done and this election will be decisive in our mission to ensure a better life for everyone.

“This election is an opportunity to connect our present with a bright future. Every vote that the BJP gets will go towards forming a stable government and impart momentum in our journey to become a developed nation by 2047. The people of India themselves have made up their minds to support this vision and are leading the way in this election. I am aware that the summer heat poses problems to everyone. But this election is extremely important for the future of our nation. I appeal to the voters to cast their votes early in the morning, before the heat sets in.

“It is important that our workers motivate people to go out and vote in large numbers. Focus on winning the booth. Victory in every booth leads to success in the constituency. At the same time, I request workers of our party to take care of their health and that of other people around them. As a candidate of the BJP, I urge you to convey my assurance to each voter that every moment of my time is dedicated to the welfare of my fellow citizens. I send you my wishes for your victory in the election,” stated PM Modi in the letter.

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News Network
April 23,2024

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Hubballi, Apr 23: Karnataka Chief Minister Siddaramaiah on Tuesday spoke to father of slain student Neha Hiremath over phone and said "sorry" over his daughter's killing, and assured that "we will be on your side".

The Chief Minister also informed Niranjan Hiremath, who is also a Congress councillor of Hubballi-Dharwad Municipal Corporation, about the government's decision to hand over the murder case to the Criminal Investigation Department (CID) and setting up a special court to fast-track trial.

"Niranjan... very sorry. We will be on your side," Siddaramaiah told Hiremath over the phone call during state's Law and Parliamentary Affairs Minister H K Patil's visit to Hiremath's house here.

In the conversation on Patil's phone with speakers on, Siddaramaiah can be heard informing Hiremath about the CID probe and setting up a special court.

"It is a serious offence... setting up a special court will ensure punishment for the accused person."

Hiremath thanked Siddaramaiah on behalf of his family well-wishers and the community for handing over the case to CID and setting up a special court "...ensure there is an order at the earliest and provide us justice," he said, as he also thanked Patil, Home Minister G Parameshwara, local Congress MLA Prasad Abbayya and others for their support.

Replying to this, Siddaramaiah said, "We will ensure it, at the earliest."

In a shocking incident, Neha Hiremath (23), was stabbed to death on the campus of BVB College last Thursday. The accused Fayaz Khondunaik, who fled from the scene, was arrested by the police subsequently.

Neha was a first year Master of Computer Application (MCA) student and Fayaz was earlier her classmate.

Siddaramaih on Monday had announced his government has decided to hand over the investigation into the incident to the Crime Investigation Department, and to set up a special court for speedy disposal of the case.

The case of brutal murder, which sparked widespread outrage, has snowballed into a political slugfest between ruling Congress and opposition BJP.

While the ruling party has tried to project it as an incident with personal angle, the saffron party has called it a "love jihad" case and has said it's a testimony of deterioration of law and order in the state.

Earlier, Siddarmaiah's statement that the murder was due to "personal reasons" and Home Minister G Parameshwara's comments that the duo was in love, has elicited sharp reactions from Hiremath and family members and opposition parties.

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