India is expected to lift protection fees imposed on Saudi polypropylene exports through the creation of joint ventures between Indian and Saudi petrochemical companies, Saudi Al-Eqtisadia Daily has reported.
“We are working with the Saudi government to solve the issue, through the establishment of joint venture companies to invest in the petrochemical industry,” said Pranab Mukherjee, finance minister of India, at the end of the eighth session of the Indo-Saudi Joint Commission.
The minister added that talks are ongoing to find the best solution to the problem, and it will also be discussed during the next visit of the Indian prime minister to Saudi Arabia.
Mukherjee told Al-Eqtisadia that there are strong signs of encouragement from Saudi Arabian businessmen, who have expressed their desire to invest in downstream projects in India.
India has recently imposed $820 a tonne anti-dumping fees on Saudi Basic Industries Corporation (Sabic) and $440 a tonne on Advanced Petrochemical Company (Advance Polypropylene).