Economic power shifting from West to East

Saudi Aramco CEO Amin Nasser speaks during the Saudi-India Forum in New Delhi on Wednesday. — Reuters

New Delhi — Economic power is shifting from West to East and India will be (the) second-largest economy ahead of the United States, Amin Nasser, chief executive of Saudi Aramco, told the Saudi-India Forum in New Delhi on Wednesday.

Aramco signed an accord in April last year with Indian investors on a $44-billion petrochemical project in western India.

Nasser, a member of the Crown Prince’s delegation, said his firm was in talks with other Indian firms as well.

Nasser said he remains positive on the firm’s investment in India, and is working with partners.

India is an investment priority for Saudi Aramco, he said. “There is a lot of growth potential. We are looking at additional investments in India. We are in discussions with other companies as well, including Reliance Industries.”

He said Saudi Arabia is “very happy with demand” in India.

“It shows growth in India. 8,00,000 barrels are exported by Saudi Aramco to India. We are very happy with the demand growth we are seeing from India,” he said. — Agencies