Saudi and India signed energy pact
Posted: 30 January 2006
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India and Saudi Arabia Friday agreed to forge a strategic energy partnership based on interdependence, Dow Jones reported.
The agreement was signed by Indian Prime Minister Manmohan Singh and Saudi King Abdullah.
The agreement envisages a reliable, stable and increased volume of crude oil supplies to India through long-term contracts. In addition there will be joint ventures both in the private and public sectors in the upstream and downstream oil and natural gas sectors in India and Saudi Arabia as well as in other countries.
There will also be Saudi investments in oil refining and marketing and storage in India subject to commercial viability.
The agreement also said there will be India-Saudi joint ventures for gas-based fertilizer plants in Saudi Arabia. The agreement was singed shortly before the Saudi monarch left New Delhi after a four-day state visit to India.
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