India's Oil Minister Dharmendra Pradhan has announced that India will offer Saudi Arabia a stake in the second phase of its strategic oil reserves. India is yet to build the strategic oil reserves.
India and Saudi Arabia have also discussed investment opportunities in a proposed oil refinery.
The refinery would bear a capacity of nearly 1.2 million barrels per day and is likely to be set up on the west coast of India.
The two countries have also talked about a petrochemicals project that will be set up in south India.
India has also sought reasonable oil prices from Saudi Arabia in a bid to make crude economical to India without hurting Saudi Arabia's interest.
(With inputs from Reuters)