and posted in Technology

Saudi Arabia agreed in principle with India to pump investments worth about $100 billion, half of which is allocated to the Al-Saeed oil refinery project along the western coast of India.

This comes after the visit of Crown Prince Mohammed bin Salman to India last week Friday to participate in the G20 summit, which ended its work on Sunday.

Saudi Crown Prince Mohammed bin Salman discussed the possibility of trading in local currencies and accelerating negotiations on a free trade agreement between India and the Gulf Cooperation Council.

Today, Saudi Arabia and India signed 20 economic, commercial, banking and technological cooperation agreements between the two countries, as part of their efforts to enhance joint rapprochement.

The Saudi Ministry of Investment stated that the Kingdom and India will sign more than 50 agreements
at the forum, and explained that the agreements varied to include the sectors of information technology, communications, entrepreneurship, chemicals, energy, and advanced industries.

To note that india is the third largest importer of crude oil in the world, after China and the United States, with a daily average exceeding 4.2 million barrels, according to OPEC data, and Saudi Arabia is among its largest oil exporters.