Saudi, UAE royals discuss plans for $70 billion refinery
The new figure came from readout of a meeting in the UAE between Saudi Crown Prince Mohammed bin Salman and Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan Wednesday evening.
The statement said the two sides discussed the initiative, first announced in 2018, to develop the refinery and petrochemicals complex, which would secure the supply of 600,000 barrels per day of Saudi and Emirati crude oil for India’s market.
The project, which would be run by a consortium that includes Saudi Aramco and ADNOC, has yet to begin or secure land.
The petroleum industry has fuelled much of India and the UAE's economic partnership. The Abu Dhabi National Oil Company and Indian Oil Corporation inked an agreement just this April.
"The economic ties between India and the UAE are deep and growing," said Dr Dhananjay Tripathi, an assistant professor of international relations at South Asian University.
"India is the largest trading partner of the UAE, and, for India, the UAE is the third-largest trading partner after China and the US. Both countries are interested in enhancing this trade partnership."
During an August visit to the UAE, Indian President Narendra Modi thanked Abu Dhabi's crown prince for backing India's recent manoeuvres in Kashmir.
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