India and hydrocarbon-rich Saudi Arabia today decided to transform the buyer-seller ties in the energy sector into a parternship and agreed to fast-track finalisation of a pact that will facilitate investments by their private sectors, especially in petrochemical sector.
Saudi Arabia, one of the largest crude oil suppliers to India and a "reliable" source of energy supply, promised to meet India's growing energy needs.
"The two sides agreed to explore ways and means to transform the buyer-seller relationship in the energy-sector to one of deeper partnership focusing on investment and joint ventures bilaterally and also in third countries," said a Joint Statement.
The statement, issued at the end of a three-day visit by Saudi Crown Prince Bin Abdulaziz Al-Saud here, said the two sides agreed to hold further discussions on this during the next meeting of the annual energy consultations.
The two sides also decided to work to finalise the framework agreement between the General Investment Authority in Saudi Arabia (SAGIA) and Invest India, which will facilitate investments by the private sectors in the two countries, especially in the fields of the petrochemical industries, pharmaceuticals, medical equipments and for the establishment of joint ventures in these fields.
On the issue of investment and trade, both the countries decided to address the issues hindering these and as they pushed for greater cooperation especially in the fields of infrastructure and technology transfer, skilled human resources in information technology, electronics and telecommunications.
During the visit of Saud, who is also the Deputy Prime Minister and Defence Minister of Saudi Arabia, the two sides signed a defence cooperation agreement.
