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India, Saudi Arabia agree to encourage cooperation in oil, gas and mineral fields through joint team

30th January 2014

India and Saudi Arabia have agreed to encourage cooperation in the field of oil, gas and minerals via a Joint Technical Team

Union Finance Minister P. Chidambaram led the Indian delegation to the Joint Commission Meeting (JCM) - courtesy of The Hindu

India and Saudi Arabia have made an agreement to promote cooperation in the field of oil, gas and minerals through a Joint Technical Team. It also intends to encourage Saudi private sector companies to invest in the oil and gas sector in India.

At the 10th India-Saudi Arabia Joint Commission Meeting (JCM) in Riyadh, Union Finance Minister, P Chidambaram led the Indian delegation, while the Saudi side was led by Commerce and Industry Minister Tawfiq Al Rabiah.

The meeting resulted in plans to hold further discussions on the mandatory requirement to get "classification" for Indian companies in order to make them eligible to participate in Saudi projects.

They approved the finalization and signing of the framework agreement between “SAGIA” and “Invest India”.

The two sides agreed to hold discussions on the modalities in a time bound manner for setting up of India Saudi Investment Fund and identifying nodal points.

They also arranged to make more efforts in technical cooperation and exchange of expertise including convening the Joint Working Group on Higher Education.

Mr Chidambaram and Dr Tawfiq both called for the strengthening of cooperation in accordance with the Delhi Declaration and Riyadh Declaration.

Mr Chidambaram spoke about the importance of Saudi investment in India and presented specific projects in India, notably the Delhi Mumbai Industrial Corridor (DMIC), the Opal Petrochemical Complex, and Kochi Petrochemical Project of BPCL. 

Frthermore, both sides discussed the proposal of Saudi Council of Engineers for exchange of information and experience with the Indian side on the accreditation system for engineers. The project intends to focus on the training and development of engineers, licensing of engineering and consultation offices, as well as engineering arbitration and disputes solving. 


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