Diplomacyindia.com


Modi visit: Saudi Aramco looking to invest in India

Modi visit: Saudi Aramco looking to invest in India
April 04
10:27 2016

Riyadh, April 4  Saudi Aramco, the world’s leading oil producing company with around 10 million barrels per day output, is looking at India as its number one target for investment. This was conveyed to Prime Minister Narendra Modi by Saudi Aramco head Khalid Al Falih during their meeting here.

“Minister Al Falih to PM: @Saudi_Aramco looks to India as its No. 1 target for investment,” tweeted Ministry of External Affairs spokesperson Vikas Swarup with a picture of their meeting on Sunday.

The Dhahran-based company, which owns a stake in a refinery in China’s Fujian province along with Exxon Mobil Corp. and China Petroleum & Chemical Corp, was reported to be planning to establish a $2 trillion sovereign wealth fund by offloading a stake of less than 5 percent in the company.

The $2 trillion fund, estimated to be more than double Norway’s wealth fund, is reported to be used for investments in strategic financial and industrial assets abroad.

Saudi Arabia has been badly hit by a plunge in oil prices – from $114 a barrel in June 2014 to currently around $38 a barrel – over the last few years, which has pummeled its economy heavily dependent on oil.

Related Articles

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment

Your email address will not be published.
Required fields are marked *

Diplomacyindia.com Exclusive Interview with Ambassador of Slovenia to India, H.E. Mr. Jozef Drofenik speaking on Bilateral Relations and Trade between India and Slovenia

Diplomacyindia.com Exclusive Interview with Ambassador of Slovenia to India, H. E. Mr. Jozef Drofenik speaking on Tourism in Slovenia

Pictures of Formal Launch of Website Diplomacyindia.com

Exclusive Interview with Prime Minister of Guyana, H.E. Mr. Moses Veerasammy Nagamootoo during his recent visit to India.Highlights of the interview were Indian Cultural Connect, Vibrant Bilateral Ties and Cultural Connect and India’s Economic Prowess.

Video Message from Shri Prakash Javadekar, MoS (IC) for Forest, Environment & Climate Change on eve of Formal Launch of Website Diplomacyindia.com

Message from Gen. V K Singh, (Retd.) Hon’ble MoS, External Affairs to Diplomacyindia.com