Indo-Saudi economic pacts during Kings visit

New Delhi, Nov 21 | Updated: Nov 22 2005, 06:32am hrs
India and Saudi Arabia may cooperate in oil exploration and sign two major economic pacts on investment and avoidance of double taxation during the forthcoming visit of Saudi King Abdullah.

We are looking at signing two economic pacts on investment and double taxation during king abdullahs visit, which is expected within next two months, Saudi ambassador Saleh M Al-Ghamdi told on the sidelines of India Saudi Arabia joint business council meeting organized by Ficci here on Monday.

Refusing to elaborate on the nature of deals, Mr Al-Ghamdi said, we are in process of finalising the details of the agreement. We hope these would be finalised by the time of the Kings visit.

Besides, Saudi Arabia would seek cooperation from Indian public sector units like Oil and Natural Gas of India Limited, Indian Oil Corporation and Gail India Limited for oil exploration and production of oil in the region.

We want Indian companies to come and explore our huge oil reserves. Saudi Arabia also seeks their active participation in mineral exploration, he said.

The Saudi administration would encourage the oil PSUs to participate in global bid as part of its effort to strengthen bilateral trade, Mr Al-Ghamdi said.