Monday January 23, 2006

Saudi King to push ties with energy-hungry India

expressindia.com :

Saudi Arabia's King Abdullah visits New Delhi this week to build on steadily improving ties between the world's top oil exporter and India, eager to meet the future energy needs of its booming economy. King Abdullah will be accompanied by strong business and government delegations, including Oil Minister Ali al-Naimi, during the four-day trip starting on Jan 24, the first by a Saudi monarch in 50 years. The King will be in India as part of a four-nation Asian tour that includes China and Pakistan.

Ties between Saudi Arabia, Islam's birthplace, and India, Asia's third-largest economy and home to a huge Muslim minority, have improved incrementally since the early 1990s. The Saudis are looking to deepen economic ties with Asian giants China and India whose energy needs are soaring as their economies witness red-hot growth.

Saudi Arabia accounts for almost a quarter of India's total imports of crude oil of 1.9 million barrels per day. In 2004, New Delhi bought crude worth $6.2 billion from the Saudis. Riyadh, eager to hold on to its share of India's rising oil imports as the Indian economy grows 6-7% in the next decade, says it will continue to be a reliable supplier. "We are committed to supplying India's oil needs, come what may," Saudi Ambassador Saleh M Al-Ghamdi said ahead of the King's visit.

(2006-01-23 21:49:03 SGT) [Energy] Permalink

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