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energy-related, and for long, they accounted for over 90 per cent of India’s
imports. Only since 2013, one could notice signs of diversification but the
crude oil still is the significant Indian import from the Kingdom and in
2016–17 it accounted for nearly 78 per cent of India’s total imports.
Moreover, in recent years the energy trade showed signs of a new phase,
partly because of Riyadh showing interest in investing in downstream
activities in India and upstream joint venture in the Kingdom. In 2012,
during the visit of Deputy Minister of Petroleum and Mineral Resources
Abdul Aziz bin Salman al-Saud, India invited Saudi equity participation in
downstream projects in the country. There are suggestions that as part of
its diversification plan, Saudi ARAMCO has been exploring investment
opportunities in upstream and downstream projects in India (`Saudi
Aramco to Invest in OpaL to Gain Indian Market Access’ 2017; PTI
2017b) and possible Indian investments in ARAMCO (Reuters 2017 ).
India is also seeking Saudi partnership in increasing its strategic energy
reserves from 10 days of stocks to 50 days (Verma 2016 ).
Table 9.6 Top five energy suppliers of India
Year First Second Third Fourth Fifth1996–97 Nigeria Saudi Arabia UAE Kuwait Australia
1997–98 Saudi Arabia Nigeria Australia Kuwait UAE
1998–99 Saudi Arabia Kuwait Nigeria UAE Australia
1999–2000 Nigeria Saudi Arabia UAE Kuwait Iran
2000–01 Unspecified Australia Saudi Arabia China UAE
2001–02 Unspecified Australia China Saudi Arabia UAE
2002–03 Unspecified Australia Saudi Arabia China Egypt
2003–04 Unspecified Australia Saudi Arabia China Indonesia
2004–05 Unspecified Australia China Saudi Arabia Indonesia
2005–06 Unspecified Australia Indonesia Saudi Arabia China
2006–07 Saudi Arabia Nigeria Iran Kuwait Iraq
2007–08 Saudi Arabia Iran UAE Nigeria Kuwait
2008–09 Saudi Arabia Iran UAE Kuwait Nigeria
2009–10 Saudi Arabia Iran Kuwait Nigeria Iraq
2010–11 Saudi Arabia Nigeria Kuwait UAE Iran
2011–12 Saudi Arabia Iraq Kuwait UAE Nigeria
2012–13 Saudi Arabia Iraq Kuwait UAE Qatar
2013–14 Saudi Arabia Iraq Kuwait Qatar Nigeria
2014–15 Saudi Arabia Iraq Nigeria UAE Qatar
2015–16 Saudi Arabia Iraq Nigeria Qatar UAE
2016–17 Saudi Arabia Iraq UAE Iran NigeriaSource: Directorate General of Foreign Trade, Ministry of Commerce & Industry, Government of India
P. R. KUMARASWAMY AND MD. M. QUAMAR