India, Saudi Arabia eye collaboration in Chemicals, Petrochemicals sector

India and Saudi Arabia are exploring new areas of collaboration in the Chemicals and Petrochemicals sector with potential partnerships between major companies of both the countries.

A statement issued by the Ministry of Chemicals and Fertilizers on Wednesday said that petrochemicals is the strength of Saudi Arabia and India’s strength is in Speciality Chemicals. “It was agreed to have enhanced cooperation for harnessing the synergy between the two sides,” the statement said.

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The discussions were held during a bilateral meeting between the Department of Chemicals and Petrochemicals, Ministry of Chemicals and Fertilizers, Government of India, and Ministry of Industry and Minerals, Kingdom of Saudi Arabia.

The Indian side was led by Nivedita Shukla Verma, Secretary Department of Chemicals & Petrochemicals, while the Saudi delegation was led by H E Eng Khalil bin Ibrahim bin Salamah, Vice Minister of Industry and Minerals.

The officials reaffirmed commitment to building a sustainable and mutually beneficial partnership in the Chemicals and Petrochemicals sector, further strengthening the strategic and economic ties between India and Saudi Arabia.

Both sides discussed the opportunities for increasing the collaboration across the value chain of Chemicals and Petrochemicals, including investments in Petroleum, Chemical and Petrochemical Investment Regions (PCPIRs) of India.

The meeting focused on enhancing bilateral cooperation and promoting investments. It was also agreed upon in the meeting to collaborate in the field of Research and Development.

Saudi Arabia is India’s fourth largest trade partner, and India is Saudi Arabia’s second largest trade partner. Bilateral trade between the two countries reached USD 41.88 billion in 2024–25, with chemicals and petrochemicals contributing 10 per cent, which is nearly USD 4.5 billion.