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Saudi Arabia assures PM of oil supplies

Saudi Arabia said it will double the supply of crude oil to India to around 40 million metric tonnes (MMT) per annum, a move that will help India meet the growing needs of its refineries.

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Saudi Arabia has assured its "desire and readiness" to provide India with its "present and future" oil needs, a move that will help the country meet the growing energy requirements.

The assurance was given at a meeting between prime minister Manmohan Singh and Saudi Arabia's minister of petroleum and mineral resources Ali Al-Naimi here yesterday.

The two men held discussions on the state of the world's oil markets and the efforts being made by the kingdom to bring stability to the markets.

The meeting also dealt with joint investments between the two countries. Al-Naimi also met the minister of petroleum and natural gas Murli Deora to discuss mutually beneficial trade links.

Saudi Arabia said it will double the supply of crude oil to India to around 40 million metric tonnes (MMT) per annum, a move that will help India meet the growing needs of its refineries. The assurance came at the meeting between Deora and Al-Naimi here yesterday.

Singh also met prince Saud Al-Faisal, the minister of foreign affairs yesterday to discuss various issues. Prince Saud held a meeting at his palace with the minister of state for external affairs Shashi Tharoor to review bilateral relations and regional and international issues.

Earlier, addressing the Saudi-India Business Forum, organised by the Council of Saudi Chambers of Commerce and Industry, Singh said, "We believe that conditions are ripe for moving beyond a traditional (oil) buyer-seller relationship to a comprehensive energy partnership.

We deeply value Saudi Arabia's role as a reliable partner in meeting our energy needs.

We believe that conditions are ripe for moving beyond a traditional buyer-seller relationship to a comprehensive energy partnership."

Meanwhile, yesterday Saudi Arabia's King Abdullah bin Abdulaziz Al Saud held at his palace a dinner party in honour of Singh and the accompanying delegation.

The dinner party was attended by crown prince Sultan bin Abdulaziz, deputy premier, minister of defence and aviation and inspector general; prince Fahd bin Mohammed bin Abdulaziz and prince Bandar bin Mohammad bin Abdulrahman.

Prince Naif bin Abdulaziz, second deputy premier and interior minister; prince Salman bin Abdulaziz, governor of Riyadh region; and a number of princes, ministers and senior civil and military officials were the others who attended the dinner.

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