Saudi Arabia to make India regional hub for crude oil: Al-Jubeir

Saudi Arabia is looking to make India a regional hub for supply of crude oil and will invest billions of dollars in the country to build storage facilities and strengthen refineries, Saudi Minister of State for Foreign Affairs Adel Al-Jubeir said in an interview to Indian news agency PTI.

“We will also invest in downstream assets in India besides helping the country boost its infrastructure in the petrochemical sector,” Al-Jubeir said.

The minister was a part of Saudi Crown Prince Mohammed Bin Salman’s delegation to India recently.

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"We are looking to make India a hub (for crude oil supply) in the region. We are looking to build storage facilities in India; we are looking at refineries and downstream assets as well,” Al-Jubeir mentioned.

"We are investing in infrastructure that will help India boost its ability to import and export of petroleum products," he further noted.

The minister also pointed out that his country was committed to meeting India's oil demand and ready to sell more crude oil to India. 

"We are ready to sell more crude oil to India. The difference between Saudi Arabia and Iran is India's relationship with Iran is that of a buyer-seller while India-Saudi Arabia energy relationship is of strategic nature," Al-Jubeir said.