India’s engineering giant Larson and Toubro has won a major infrastructure contract worth nearly $300 million in Saudi Arabia, the largest supplier of oil to India and home to over two million Indians.
Amid competitive bidding, L&T procured the infrastructure project that’s worth a whopping $300 million from Saudi Arabia’s Aramco. The project envisages L&T building a plant with a daily capacity to process 75 million standard cubic feet (scfd) of gas and 4,500 barrels of condensate, says the Mumbai-headquartered Indian multinational company.
With the festering slowdown in the Indian economy, L&T is steadily expanding its global footprint and recently won a construction project at the Abu Dhabi airport.
Saudi Arabia is the largest crude oil supplier for India, and supplied 27 million metric tonnes of crude oil during 2010-11 to the energy-dependent Asian country.
Saudi exports to India rose seven-fold: imports jumped six-fold between 2000 and 2008, with trade balance consistently favouring Saudi Arabia. India’s dependence on Saudi oil is expected to grow in coming years as it seeks energy security to support economic growth plans.
There are some 5, 70,000 Indians from Kerala, who are working in Saudi Arabia. According to a report of the Kerala Migration Survey, 31.2% of Kerala’s gross domestic product comes from remittance from Saudi Arabia.
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