Saudi Arabian will increase the supply of crude oil by 14.5 million metric tons taking the total supply to 40 mmt per year. <br/><br/>The assurance to this effect was given by the Saudi Minister of Petroleum and Mineral resources Al Naimi in Riyadh today during a meeting with the Petroleum and Natural Gas Minister Mr. Murli Deora. <br/><br/>At present Saudi Arabia supplies 25.5 mmt of crude oil to India every year. Mr. Naimi also assured that Saudi Arabia is ready to meet the needs of Indian oil refinery companies both in the public and private sector. <br/><br/>The two sides were also keen to increase cooperation in the oil field related services as well as their cooperation in Hydrocarbon sector. The discussion also focused on exchange of technical personnel between the two countries for training in oil and gas sector.<br/><br/><br/>Meanwhile, appreciating Saudi Arabia’s role as a reliable partner in meeting India’s energy needs, the Prime Minister said that conditions are ripe for both countries to move beyond a traditional buyer-seller relationship to a comprehensive energy partnership.<br/><br/>He said that both should establish new partnership in the area of new and renewable energy through the sharing of clean technologies and joint collaboration.<br/><br/><br/>The Prime Minister Dr. Manmohan Singh today invited the investors and entrepreneurs from Saudi Arabia to explore investment opportunities in India.<br/><br/>Underlining India’s vast needs for high quality modern infrastructure, the Prime Minister Dr Singh specified energy, telecommunication, pharmaceuticals, health,agriculture among other areas for prospective investors from the Kingdom of Saudi Arabia.<br/><br/>Giving his remarks in the Saudi-India Business Forum at the Council of Saudi Chambers of Commerce and industry in capital Riyad in Saudi Arabia today, the Prime Minister asserted that despite the global economic slowdown, India hopes to achieve a growth rate of 7 per cent in the current financial year.<br/><br/>He further expected to get back to the growth rate of about 9 per cent per annum within two years.<br/><br/>At the Council of Chambers Dr. Singh highlighted the fact that India can support investment rates of as high as 38 per cent of its Gross Domestic Product.<br/>He said that both India and Saudi Arabia have a sound institutional mechanism in place to facilitate trade and investment which includes a Double taxation Avoidance Agreement and Bilateral Investment Protection Agreement.<br/><br/>It may be recalled that these two important agreements had been signed in January 2006 during the visit of the Saudi King Abdullah Bin Abdul Aziz Al Saud to India.<br/>