Minister stresses need for capitalizing in India-Saudi hydrocarbon cooperation

Shri Dharmendra Pradhan holds discussions with Minister of Energy, Industry and Mineral Resources of Saudi Arabia to further enhance bilateral hydrocarbon cooperation

Shri Dharmendra Pradhan, Minister of Petroleum & Natural Gas and Steel held a meeting today in New Delhi with H.E. Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia and Chairman of Saudi Aramco. Both the Ministers discussed further enhancing India-Saudi Arabia hydrocarbon cooperation to become a strong pillar of the existing overall strategic partnership between the two countries. Minister Al-Falih emphasized the need for capitalizing on the growing momentum in bilateral hydrocarbon cooperation.

Shri Pradhan discussed the current developments in the global oil & gas markets and raised India's concerns on the recent increase in Asian Premium, disturbances in the Strait of Hormuz impacting the movement of oil / LNG tankers and the decision of OPEC Plus members on extending production cuts, leading to oil price volatility. He also highlighted the adverse impact that these developments are having on the Indian economy. He also highlighted the need for responsible and reasonable crude pricing in the larger interest of both consuming & producing countries

Minister Pradhan highlighted the long-term energy partnership between India and Saudi Arabia and reiterated the invitation to Saudi's state oil company ARAMCO to participate in India's Strategic Petroleum Reserve Program.

Both the Ministers also reviewed the progress on Saudi investments in Indian oil and gas sector, including the West Coast refinery.

(With Inputs from PIB)