India and Saudi Arabia are going to bond over the hydrocarbon sector.
Minister of Petroleum & Natural Gas and Steel Dharmendra Pradhan today had a telephonic conversation with Dr. Khalid Al-Falih, Minister of Energy, Industry & Mineral Resources, Saudi Arabia and discussed about further strengthening cooperation in the hydrocarbon sector to enhance the strategic partnership that exists between India and Saudi Arabia. They discussed about the recent geo-political developments impacting crude oil prices. Pradhan, referring to the developments in the Strait of Hormuz, conveyed his concern on rising crude oil prices. He also reiterated the sensitivity of Indian consumers to prevailing crude oil price volatility. Pradhan has sought active role of Saudi Arabia within OPEC and in the OPEC Plus discussions for keeping oil prices at a reasonable level.
The Ministers also discussed about Saudi interests in India’s energy sector to further bolster bilateral ties. Pradhan also reviewed the progress of Saudi investments in India’s refining & petrochemical sectors. They agreed to expedite the implementation of various initiatives to transform the hydrocarbon engagement from a buyer-seller one into a comprehensive one.