India and Saudi Arabia have announced a plan to facilitate greater co-operation in the oil and gas industry between the two countries, according to Indian news site NetIndian. The deal was announced at the 10th India-Saudi Arabia Joint Commission Meeting (JCM), held in Riyadh in January.
A joint technical team will be set up to oversee investment from the Saudi private sector to the Indian oil & gas industry.
According to an official press release, the meeting also agreed to hold discussions on the mandatory requirement to get “classification” for Indian companies to make them eligible to participate in Saudi projects.
They agreed on finalisation and signing of framework agreement between “SAGIA” and “Invest India”.
The two sides also decided to organize cultural days in both countries and to strengthen cooperation in all security fields and exchange of information, especially in organized crimes, money laundering and drug smuggling.
During the meeting, both sides called for strengthening of cooperation in accordance with the Delhi Declaration and Riyadh Declaration.
They called upon the public and private sectors to further enhance cooperation and build real partnerships in a manner that serves the interests of the two countries in different fields. They also reviewed the progress in cooperation in various sectors including Oil and Gas.
The meeting, attended by a large number of Saudi and Indian businessmen, discussed a series of measures to promote trade and investment relations.
