India, Saudi Arabia sign energy pact

India and Saudi Arabia on Friday agreed to enter into a strategic energy partnership based on “complementarity and interdependence” that would ensure increased crude supplies and formation of joint ventures in upstream and downstream projects.

In an agreement, called the `Delhi Declaration,’ signed by the Prime Minister, Dr Manmohan Singh, and King Abdullah of Saudi Arabia, the two sides have agreed to ensure “reliable, stable and increased” volume of crude oil supplies through “evergreen” long-term contracts.

Sify