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10th Joint Commission Meeting between India and Saudi Arabia in Riyadh, Saudi Arabia

MoPNG has directed Under Secretary, International Corporation Division to refer to Ministry of Finance, Deptt. of Economics on 10th Joint Commission Meeting (JCM) between India and Saudi Arabia during 28.01.2014- 30.01.2014 in Riyadh, Saudi Arabia and to intimate that Shri Anil Kumar V. Patil, Director(IC) has been nominated to represent Ministry of Petroleum and Natural Gas in the 10 Joint Commission Meeting (JCM) between India and Saudi Arabia.

Inputs pertaining to MoPNG for the 10th India-Saudi Arabia JCM are as following:

  1. Crude Oil
    Saudi Arabia is India's largest supplier of crude oil. During 2012-13, India imported 36.69 million tons of crude oil from Saudi Arabia.
    Crude oil imported from Saudi Arabia during the last 3 years is as under:

Year

2010-11

2011-12

2012-13

(Million Metric Tonne)

27.39

32.63

36.69 (P)

India requests Saudi Aramco for increasing term volume of crude to Indian OMCs as per their requests. HPCL's request for higher allocation of Arab Extra Light Crude during July-September, 2013 was not met by Saudi Aramco

  1. LPG Contracts
    Historically Saudi Aramco was providing line of credit to the extent of USD 65 million to HPCL which has been withdrawn in March, 2009. Saudi Aramco is requested to restore this line of credit. Allocation of more butane is preferred for LPG imports from Saudi Aramco
  2. Indian companies request for extended credit payment terms (beyond 30 days) and additional discount over Official Selling Price which will be an added advantage while evaluating the grades
  3. Saudi Basic Industries Corporation (SABIC) may consider investment in the petrochemical/ refinery projects of Indian PSUs. A list of the projects is enclosed

Source: SNP Infra Research