The Indian Prime Minister Manmohan Singh and Saudi King Abdullah bin Abdulaziz Al Saud signed the Delhi Declaration, a press release issued by the government said Friday.

Both countries will develop a strategic energy partnership based on complementarity and interdependence. They agreed to reliable, stable and increased volume of crude oil supplies, through "evergreen" long-term contracts.

The two sides agreed to undertake cooperative and joint ventures, both in the public and private sectors, in the upstream and downstream oil and gas sectors in India and Saudi Arabia as well as in third countries.

Both sides affirmed the importance of stability in the oil market for the world economy.

They also agreed to Saudi investments in oil refining, marketing and storage in India, subject to commercial viability and setting up of India-Saudi ventures for gas-based fertilizer plants in Saudi Arabia.

The two sides recognized the close inter-linkage of the stability and security of the Gulf region and the Indian sub- continent and the need for maintaining a secure and peaceful environment for the development of the countries in the region.

The two sides agreed to the exchanges of high-level bilateral visits and consultations between the two nations to give an impetus to and expand the scope of bilateral cooperation and understanding.

Declaration states that the two governments would closely and actively cooperate to fight terrorism and other transnational crimes.

The two sides agreed to expand and diversify mutual trade and investments.

The two governments would encourage and support entrepreneurs in both countries to harness each other's strengths for mutual benefit.

The two countries would work for closer co-operation in the field of technology. India would offer opportunities for Saudi students to pursue Post-Graduate and Doctorate level studies in technical institutions in India, and enhance cooperation in human resource development related to telecommunications.

The two countries would explore the prospect of cooperation in the health, science and technology, tourism, youth affairs, sport, agriculture research and education, technical education and vocational training and other fields of mutual benefit.

Both sides expressed their hope that Iraq would turn a new page in history that would assure its security, unity, territorial integrity and prosperity, and respect for its sovereignty and independence.

The two sides welcomed the ongoing dialogue between India and Pakistan and their continued efforts aimed at settling the outstanding issues between the two countries.

Source: Xinhua