The Indian government said, on Monday, that it had discussed the feasibility of establishing a commercial exchange with Saudi Arabia in the two local currencies, the rupee and the riyal.
And it added in a statement, reported by Reuters, that the two governments emphasized cooperation on joint projects, including a refinery in western India, investment in liquefied natural gas infrastructure, and the development of strategic oil storage facilities in India.
Saudi-Indian relations are historical and moved to more strategic stages with the visit of Indian Prime Minister Narendra Modi to Saudi Arabia in 2016, then the visit of Saudi Crown Prince Mohammed bin Salman to India in 2019.
The two countries established the Strategic Partnership Council headed by Mohammed bin Salman and Modi.
Data from industrial and commercial sources showed, a few days ago, that Saudi Arabia came in second place for oil suppliers to India last August, surpassing Russia by a small margin, while Iraq retained the first place.
According to the data reported by Reuters, 863,950 barrels per day of crude were shipped from Saudi Arabia to India, the third largest importer and consumer of oil in the world, up 4.8 percent from the previous month, while purchases from Russia fell 2.4 percent to 855,950 barrels per day.